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Newbury Building Society reduces buy-to-let rates

Newbury Building Society has cut its buy-to-let mortgage rates, including those to landlords operating through a limited company, by up to 0.25%.

It has reduced limited company buy-to-let products at 75% LTV from a rate of 3.2% to 2.99%.

Also at 75%, for both buy-to-let five-year discounts and buy-to-let three-year discounts, the rate has been reduced from 3% to 2.75%.

Newbury BS is now offering a limited company buy-to-let deal at 2.99%, down from 3.2%.

It is also offering both a three-year and five-year buy-to-let discount mortgage, at a rate of 2.75%, down from 3%, at 75% LTV.

This rate reduction follows the launch of Newbury’s new buy-to-let affordability calculator, which uses rental coverage of 135% at an interest rate of 5.5%, and also takes into account top-slicing.

Roger Knight, lending manager at Newbury Building Society said: “We’ve hit the ground running this year by taking steps to strengthen our buy-to-let offering.

“Not only have we launched a new calculator that considers top-slicing, we have now reduced our buy-to-let products for individuals and limited companies.

“As a society, we’re committed to supporting those looking to purchase their first property as a landlord, a property to rent to a family member – for those looking to give loved ones independence and security whilst accruing capital in the property over time – and to seasoned landlords interested in growing their current property portfolio.

“We will continue to do so by offering great products and ensure our staff are fully trained to understand the ever-changing buy-to-let market.”

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