Mortgage News
Newcastle Intermediaries cuts BTL and self-employed rates
Newcastle Intermediaries has announced reduced rates across two product ranges following the base rate rise of 0.25% to 0.5% earlier this month.
Landlords looking to fix their rates can look at the lender’s remortgage products, which include:
- Two-year fixed reduced by 0.25% to 2.85% with a 5.5% annual percentage rate (APR)
- Five-year fixed reduced by 0.64% to 3.35% with a 5.0% APR
Both products have a maximum loan to value (LTV) of 75%.
Furthermore, the rental calculation is dependent on the product term. Loans under five years are stressed at 5.5%, and loans beyond five years are stressed at 4%. Both require a rental coverage of 145%.
The lender says that both products come with no reservation or completion fees, as well as free standard valuation and legal fees.
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Self-employed
Alongside the buy-to-let (BTL) remortgage products, Newcastle Intermediaries has also cut rates by between 0.15% and 0.21% on mortgages for self-employed borrowers who have been trading for two years and under.
The two-year fixed products start at 1.9% at 60% LTV, with 5.3% APR and £999 in fees. There are also free valuations on properties up to £500,000.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries said: “We have reassessed rates across our range to offer even better flexibility and support, especially to our self-employed borrowers.