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Newcastle Intermediaries reduces BTL rates

Newcastle Intermediaries has cut rates on its range of five-year fixed buy-to-let mortgage products by up to 0.2%.

Reductions include a 75% loan-to-value (LTV) five-year fix reduced from 2.69% to 2.49%, subject to £999 fees. 

In addition, the lender is also offering a 75% LTV five-year fixed rate product at 2.7%, down from 2.86%. This product includes free standard valutions, £500 cashback and tiered ERCs from 5% to 1%. 

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, head of intermediary mortgages at Newcastle Intermediaries, 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.”

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