Newcastle Intermediaries cut buy-to-let rates
Newcastle Intermediaries has reduced rates on its 5-year fixed buy-to-let mortgage proposition by up to 0.20%.
A 5-year fixed rate product is currently available at 2.49% (4.7% APRC) which is a 0.20% reduction on its current rate. This comes with fees of £999.
Alternatively, a 5-year fix without any fees has seen its rate cut by 0.16% to reach 2.70% (4.7% APRC). The product comes with free standard valuation and £500 cashback.
Both products are available at a maximum LTV of 75% and come with 10% overpayments per annum.
The products also include an early repayment charge of 5% until 30 April 2021, 4% until 30 April 2022, 3% until 30 April 2023, 2% until 30 April 2024 and 1% until 30 April 2025.
John Truswell (pictured), head of intermediary mortgages, said: “Our buy-to-let range remains competitive and we’re pleased to announce a reduction in our 5-year rates alongside refreshing end dates for customers looking to either purchase or remortgage.
“We calculate the minimum expected rental income on Buy to Let properties using our Interest coverage ratio of 145% at a rate of 4% for product terms of five years or more.
“Also, there is no maximum age for borrowers on our buy-to-let products giving us a strong buy-to-let proposition.”