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Newcastle reduces buy-to-let rates

Newcastle Intermediaries has introduced a number of rate reductions to mortgage products within its buy-to-let range.

Highlights include a two-year fixed rate deal, available at 75% loan-to-value (LTV), which has been cut from 2.32% to 2.16%. This product comes with a £999 fee and tiered ERCs from 2% to 1%. 

There is also a 75% five-year fixed rate product available at 2.86%, down from 2.95%, which includes tiered ERCs dropping from 5% to 1%. It also comes with has £500 cashback, no product fees and free standard valuations.

John Truswell, head of intermediary mortgages at Newcastle Building Society, commented: “This reduction of rates, means landlords and other potential investors can take advantage of more competitive rates.

“The societies interest coverage ratio is 145% at a rate of 4% for product terms of five years or more and there is also no maximum age for borrowers on our buy-to-let products giving us a strong buy-to-let proposition.”

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