"The recent changes to our buy-to-let proposition, including the removal of our tiered buy-to-let stress rate, reflect the wider market conditions"
- Franco Di Pietro, head of intermediary mortgages
Newcastle Intermediaries has reduced rates across its buy-to-let product range by up to 0.36% and simplified the way it applies stress rates to buy-to-let lending.
The reduced rates include a five-year fixed rate at 5.55%, available up to 80% LTV, and a two-year fixed rate at 5.85% up to 80% LTV. Both products come with a £999 product fee and offer an overpayment facility of 10% each year.
In response to feedback from its broker partners, and as Newcastle Intermediaries look to support borrowers with affordability concerns, the lender has also implemented a single stress rate of 8.25% across its fixed rate products under five years, and a single stress rate of 5.70% across longer term products.
The lender’s buy-to-let proposition is available to sole trader landlords, has no minimum income or maximum age and is available for both purchase and remortgage.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re always listening to feedback from our partners to better understand how we can provide the best possible service to brokers and their clients.
"The recent changes to our buy-to-let proposition, including the removal of our tiered buy-to-let stress rate, reflect the wider market conditions and our commitment to remaining competitive in what is still a dynamic market.”
