Mortgage News
Newcastle BS takes buy to let into Scotland
Newcastle Building Society is expanding its buy-to-let range into Scotland.
The lender entered the buy-to-let market in England and Wales in August 2015 and said it was expanding into Scotland following year-on-year growth.
Its range includes two- and five-year fixed rates with interest coverage ratio on the five-year products assessed to 145 per cent at 4 per cent and the rental cover calculated on an interest-only basis.
There is no maximum age criteria at the end of the term, all cases are individually underwritten and there is a maximum loan to value (LTV) of 75 per cent.
Newcastle Intermediaries customer director Stuart Miller said the mutual was pleased to be extending into Scotland after serving England and Wales for more than three years.
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“As we already lend there on a residential and a self and custom build basis, it made sense to extend the offering of our competitive buy-to-let proposition into Scotland,” he added.