On the day of the mortgage interest tax relief changes, Newcastle Intermediaries has increased the level of over payments allowed to 10% without penalty across its buy-to-let range.
With mortgaged landlords consolidating finances to lower tax liabilities ahead of the tax change today, the lender has begun accepting the yearly overpayments of 10% on top of the £499 monthly allowance already in place.
This change enhances its existing buy-to-let lending policy which includes no maximum age limit and five-year fixed products stressed at 145% at 4%.
Ben Smith, product development and propositions manager at Newcastle Intermediaries, said: “As we continue to grow our buy to let offering, the introduction of additional over payments reflects our commitment to the market and to providing more choice and flexibility for intermediaries to access our buy to let product range.”
The new tax year begins today, marking the start of the tiered drop in mortgage interest rate relief to 20% over the next four years.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B).
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today and a spent time freelancing for a variety of outlets including The Guardian and Which? Money.