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Newbury cuts buy-to-let rates

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  • 28/02/2018
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Newbury cuts buy-to-let rates
Newbury Building Society has decreased rates on its buy-to-let (BTL) mortgage rates, including deals for limited company borrowing.

 

The changes include:

  • Limited company BTL product at 75% loan to value (LTV) reduced from 3.20% to 2.99%
  • BTL five-year discount product at 75% LTV reduced from 3.00% to 2.75%
  • BTL three-year discount product at 75% LTV reduced from 3.00% to 2.75%

The limited company BTL deal has an application fee of 1% of the loan amount, subject to a minimum fee of £1,500.

For both the three- and five-year deals, there is an application fee of £950.

Roger Knight, lending manager at Newbury Building Society, said: “We’ve hit the ground running this year by taking steps to strengthen our buy-to-let offering.

“Not only have we launched a new calculator that considers top-slicing, we have now reduced our buy-to-let products for individuals and limited companies.”

Knight added that the society offers products for first-time landlords, those who are looking to rent a property out to a family member, as well as seasoned landlords eyeing portfolio expansions.

The rate reduction follows the launch of the society’s new BTL affordability calculator, which uses rental coverage of 135% at an interest rate of 5.5%, and takes top-slicing into account.

It also comes as the society joined Legal and General Mortgage Club earlier in February, giving brokers access to its range of BTL, self-build, shared ownership, and standard residential products.

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