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Newcastle Intermediaries ups BTL overpayment cap across range

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  • 06/04/2017
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Newcastle Intermediaries ups BTL overpayment cap across range
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.

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