Newcastle expands buy-to-let range into Scotland
Newcastle Intermediaries has expanded its buy-to-let range into Scotland.
The lender entered the buy-to-let market in August 2015 in England and Wales. The range is available with both 2 and 5-year fixed rates.
Stuart Miller, customer director at Newcastle Intermediaries, said: “With such a strong buy-to-let proposition, we’re pleased to be extending into Scotland after serving England and Wales for more than three years.
“As we already lend there on a residential and a self/custom build basis, it made sense to extend the offering of our competitive buy-to-let proposition into Scotland.”
The lender’s interest coverage ratio on its 5-year rate products is assessed to 145%, at 4%; and the assessment of rental cover is calculated on an interest-only basis.
There is no maximum age criteria at the end of the term and all cases are individually underwritten. The society also lends up to 75% LTV on loans up to £500,000 to landlords with no more than three mortgaged buy-to-let properties. It will also lend on consumer buy-to-let applications up to 75% LTV.