Newcastle Intermediaries announced rate reductions on its buy-to-let mortgage products, slashing rates by up to 0.46%.
The rate cut applies to their 2- and 5-year fixed rate products and is aimed at making purchase and re-mortgage options more competitive in the market.
Within the updated buy-to-let portfolio, a 2-year fixed rate mortgage with an interest rate of 6.15% (7.0% APRC) is now available for loans up to 80% LTV.
This product carries a £999 product fee and imposes early repayment charges of 2% until March 31st, 2025, and 1% until March 31st, 2026.
A 5-year fixed rate mortgage is also part of the revised offering, with an interest rate of 5.99% (6.7% APRC) for loans up to 80% LTV.
This mortgage option stands out for having no product fees and structured early repayment charges that start at 5% until March 31st, 2025, and gradually reduce each year until reaching 1% on March 31st, 2029.
Newcastle Intermediaries specifies that their buy-to-let products are intended for sole trader landlords only and impose no minimum income or maximum age restrictions.
Both the 2-year and 5-year options allow for 10% overpayments and are available for both house purchase and remortgage transactions.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, commented on the changes: “In response to an increasingly competitive market and the wider reduction in rates that we’re starting to see, we’re delighted to reduce rates on our buy-to-let product range.
“As a lender, we understand that affordability challenges are still prevalent and so it’s important that we pass on these reductions to our broker partners and their clients, offering not only greater choice and flexibility, but competitive rates, underpinned by our adaptable, nuanced approach to underwriting.”
