Newcastle Intermediaries has announced a reduction in rates across its buy-to-let mortgage offerings by up to 0.30%, alongside a decrease in lending stress rates, aiming to bolster support for brokers and their landlord clientele.
The revised rates include a 2-year fixed mortgage at 5.10% (6.9% APRC) for loans up to 80% loan-to-value (LTV), accompanied by a £999 product fee.
This option imposes early repayment charges of 2% until the end of July 2025, followed by 1% until the end of July 2026.
Additionally, a 5-year fixed mortgage is offered at 4.75% (6.2% APRC) up to 80% LTV, also with a £999 product fee. The early repayment charges for this product are tiered, starting at 5% until July 2025, and gradually reducing each year until they reach 1% by July 2029.
Both mortgage products are available for purchasing and remortgaging, without stipulations on minimum income or maximum age, and permit up to 10% overpayments per annum.
Further to the rate cuts, Newcastle Intermediaries has adjusted its stress rate for buy-to-let lending on fixed-rate products under 5 years from 8.25% to 7.75%, and for longer-term fixed-rate products from 5.70% to 5.25%.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, commented on the changes: “In support of brokers and their landlord clients we’re delighted to announce a comprehensive reduction to our BTL range.
“These reduced rates are complemented by the enhancements offered by our flexible lending criteria, direct access to our team of underwriters and support for each broker via their dedicated regional business development manager.”
