The shared ownership rates begin at 4.55% for a fixed rate and the loan to value (LTV) goes up to 90%. Deals come with a £999 fee.
The firm said the deals can be used for purchase and remortgage, with up to 10% overpayments permitted per year.
Staircasing is also allowed, so buyers have the opportunity to increase their share in the property to 100% of the value in increments of 5%.
Newcastle Building Society recently expanded its shared ownership proposition to accept applications from a panel of for-profit providers.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We know how important shared ownership products are to brokers working with first-time buyers and those stretching every bit of their affordability, which is why we’ve reduced our rates starting from 4.55%.
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“By reducing costs we’re making it easier for brokers to find the right solution for clients who want to put down roots while keeping their monthly outgoings under control. These rate reductions, coupled with the recent expansion to our panel of for-profit partners, underline our commitment to giving brokers the tools they need to deliver great outcomes in today’s market.”
Fleet Mortgages cuts BTL rates and adds deals
Fleet Mortgages has reduced rates for a number of its five-year fixed rates at all LTV levels.
For standard and limited company deals, five-year fixed rates at 55% LTV have been cut. Its 3% fee version is priced at 4.59%, while its £999-fee version is 5.19%.
The lender has also added a £1,000 cashback offer for five-year fixed rates at 55% LTV.
Fleet Mortgages has lowered its 65% LTV zero-fee five-year fixed rate to 5.24%, and the 75% LTV equivalent comes to 5.34%.
The lender has also announced 10 basis point (bps) reductions for both 65% and 75% LTV products with both percentage and fixed-fee options.
The firm has reduced its fixed-fee (£3,999) five-year 65% LTV product to 4.99%, and the 75% LTV version of this product is now priced at 5.19%. Both products come with a maximum loan size of £750,000.
It has also cut both its 3% fee options at 75% LTV by 10bps to 4.64% – only available to those purchasing or remortgaging a property with an Energy Performance Certificate (EPC) of A-C – and 4.74% for non-EPC A-C properties.
Fleet Mortgages has also cut its 75% LTV house in multiple occupation (HMO) and multi-unit block (MUB) five-year fixed rate product to 5.39%. It comes with a £3,999 fixed fee and £1,000 cashback and also has a maximum loan size of £750,000.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “Two weeks ago, we were able to launch new two-year fixes plus reduce rates on our existing two-year fixes, so it’s pleasing to be able to back this up with price cuts to both standard and limited company five-year fixes across a number of LTV levels, plus a 15bps cut to one of our HMO/MUB five-year fixes.
“As we know, a longer fix such as this can be appealing to landlord borrowers for any number of reasons, not least the payment certainty over a longer term, but also the ability to secure larger mortgages if the affordability/rental criteria [are] met.”
He continued: “It’s positive to see the direction of ‘rate travel’ continuing to be downwards, as it means we can provide advisers and their landlord clients with greater value and flexibility. We’re also able to help with the upfront costs for those landlords borrowers at lower LTVs with the introduction of £1,000 cashback on all our 55% LTV products.
“We’ll continue to support our intermediary partners with a competitive product and criteria offering in order to help them deliver positive outcomes for their buy-to-let clients.”
