Newcastle Building Society has reduced rates on select buy-to-let (BTL) products by up to 0.15 per cent.
Its five-year fixed rate, which has a maximum loan to value (LTV) of 75 per cent, has been reduced from 2.6 per cent to 2.45 per cent.
The product is subject to an early repayment charge (ERC) of five per cent in the first year of the fixed rate period, which then goes down by one per cent each subsequent year thereafter.
The two-year fixed rate, which is available up to 75 per cent LTV, has a rate of 2.39 per cent. It has an ERC of two per cent in the first year and one per cent in the second.
Both products come with free standard valuation of up to £500,000 and has £500 cashback. Overpayment of 10 per cent a year are allowed in addition to £499 monthly overpayments allowed.
Those with a product term of five years or more have an interest coverage ratio of 145 per cent at a rate of 5 per cent, and for two-year product terms it has a rate of 5.5 per cent.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re delighted to reduce rates on our BTL products which include these competitive fee-assisted options for borrowers.
“They offer flexibility, competitive rates and a number of benefits, underpinned by our adaptable, nuanced approach to underwriting.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
