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Newcastle Building Society launches into buy-to-let lending

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  • 13/08/2015
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Newcastle Building Society launches into buy-to-let lending
The intermediary arm of Newcastle Building Society is entering the buy-to-let market with a range of products including short and long-term fixed or discounted rates.

Newcastle will partner with buy-to-let and commercial mortgage specialist firm, The Business Mortgage Company, which will liaise directly with brokers and submit fully packaged cases to the lender on its behalf.

Products on offer through the lender will include a free valuation and a range of either fixed or percentage-based fees. Newcastle will also pay the packaging fee on behalf of the applicant, which typically falls in the region of £250 and £299.

Each case will be underwritten on an individual basis but Newcastle noted that credit searches on borrowers would take place.

Highlights from the mortgage range include a two-year discounted deal up to 75% loan-to-value (LTV) at 2.49%, with an annual percentage rate (APR) of 5.5% and £999 completion fee. Its two-year fixed product at 2.35% also comes with a maximum LTV of 75% but prices the completion fee at 2.50% of the loan amount.

The Newcastle’s five-year fixed rate at a maximum LTV ratio of 75% comes at a rate of 3.89% and 5.3% APR with a £999 completion fee.

Steven Marks, corporate development executive (pictured), said: “We are excited about entering the buy-to-let market which continues to perform strongly and we’re also delighted to partner up with buy-to-let experts TBMC.

“This new range adds to our competitive portfolio and enables us to support our brokers further. This development comes at a time when NBSIS has invested in the management of our intermediary relationships, as well as our service and systems, all of which are key priorities for us and come at an exciting time when we are building our intermediary business.”

Andy Young, chief executive officer at TBMC, added: “It is great to see another buy-to-let lender entering the marketplace, offering even wider choice to landlord clients.

“Newcastle’s new buy-to-let range has some competitively priced products starting a 2.35% and also includes a five-year fixed rate option, which are becoming more popular with landlords. The free valuation will also be attractive to those looking to reduce upfront costs.”

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