Newcastle BS cuts BTL rates

Newcastle BS cuts BTL rates

 

Its five-year fixed rate product is now available at 2.49 per cent which is a 0.20 per cent reduction on its current rate. 

It comes with fees of £999 and an early repayment charge of five per cent until 30 April 2021, four per cent until 30 April 2022, three per cent until 30 April 2023, two per cent until 30 April 2024 and one per cent until 30 April 2025. 

Alternatively, a fee-free five-year product is available at a fixed rate of 2.70 per cent – a 0.16 per cent rate reduction.  

The product comes with free standard valuation and £500 cashback.  

It also includes an early repayment charge of five per cent until 30 April 2021, four per cent until 30 April 2022, three per cent until 30 April 2023, two per cent until 30 April 2024 and one per cent until 30 April 2025. 

Both products are available at a maximum loan to value (LTV) of 75 per cent and come with 10 per cent overpayments allowed per annum. 

John Truswell (pictured), head of intermediary mortgages, said: “We’re pleased to announce a reduction in our five-year rates alongside refreshing end dates for our customers.”