Newcastle Intermediaries refreshes BTL range
29 November 2019
Newcastle Intermediaries has reduced rates on its five year Buy to Let mortgage proposition by up to 0.20%.
A five year fixed rate product is currently available at 2.49% (4.7% APRC) which is a 0.20% reduction on its current rate, comes with fees of £999 to pay and 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.
Alternatively, for landlords not looking to pay any fees, a five year product is available at a fixed rate of 2.70% (4.7% APRC) a 0.16% reduction on its current rate. The product comes with free standard valuation and £500 cashback. It also includes 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.
Both products are available at a max LTV of 75% and come with 10% overpayments per annum.
John Truswell, head of intermediary mortgages, said: “Our Buy to Let range remains competitive and we’re pleased to announce a reduction in our five year rates alongside refreshing end dates for customers looking to either purchase or re-mortgage. 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 BTL products giving us a strong Buy to Let proposition.”
All product details and the full range of available products can be found at www.newcastleis.co.uk
