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Newcastle Intermediaries slashes buy-to-let rates

Newcastle Intermediaries has reduced rates on its range of buy-to-let products by up to 0.64% with competitive rates now starting from 2.82%.

Landlords looking for a long-term mortgage product will find that Newcastle’s five-year fixed rate buy-to-let and remortgage product has been cut by 0.64% to 3.05%, subject to a £999 arrangement fee.

Borrowers taking out the five-year product are permitted to overpay by 10% annually, with ERCs of 5% until 31 January 2020, thereafter falling 1% per year until 31 January 2024.

There is also a two-year remortgage buy-to-let product available at 2.82%, down from 2.89%. Unlike the five-year deal, this product commands no product fees, comes with a free standard valuation, and the option of free legal fees or £500 cashback.

Once again, borrowers have the option of overpaying by up to 10% per year with ERCs of 2% until 31 January 2020 and 1% until 31 January 2021.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “At a time when buy-to-let mortgage rates are increasing and the buy-to-let market continues to readjust itself to the taxation changes made last year, we’re pleased to announce a reduction in our rates to give landlords and other potential investors the chance to save some money.”

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