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.