Newbury Building Society has launched five new 5-year fixed rate mortgage products targeting both individual and limited company borrowers in the buy-to-let and holiday let markets.
The addition of these products to the Society’s portfolio is in line with its continued commitment to support different types of property investors across England and Wales.
The new products come with a 5-year fixed rate and a maximum loan to value (LTV) of 75%. Interest rates are set at 5.79% for individual buy-to-let borrowers, 6.29% for limited company buy-to-let borrowers, 6.69% for expat buy-to-let borrowers, 6.69% for individuals looking to finance a holiday let and 6.89% for non-individual entities such as limited companies or LLPs financing a holiday let.
These mortgage options are available for loans ranging from a minimum of £50,000 to a maximum of £500,000.
For existing Newbury Building Society borrowers, the minimum loan requirement is lowered to £40,000.
Depending on the specific product chosen, application fees will vary between £950 and £1,500.
The products also offer the flexibility of overpayments and are portable, allowing borrowers to transfer their mortgage to a new property under specific conditions.
Roger Knight, lending manager at Newbury Building Society, emphasised the society’s ongoing support for landlords: “Offering these new products is part of our ongoing commitment to supporting landlords.
“With the improvement in the swap rate environment, we can provide pricing that is competitive, especially when compared with the total cost of the loan over the five-year fixed rate period.
“With these products, we can assist buy-to-let investors manage their cash flow and unlock affordability constraints.”
All applications for these mortgage products will be individually assessed by the Society’s in-house underwriting team, without the need for credit scoring.
