You are here: Home - News -

Clydesdale Bank eases BTL criteria; Newcastle BS adds tracker deals – round-up

  • 13/03/2023
  • 0
Clydesdale Bank eases BTL criteria; Newcastle BS adds tracker deals – round-up
Clydesdale Bank has amended its criteria for buy-to-let borrowers to make it easier for those with lower rental yields.

The lender no longer requires a minimum income or a minimum rental cover requirement. 

It said this change made its buy-to-let mortgages “better” and “more straightforward”.  The lender will continue to carry out a full affordability assessment on buy-to-let borrowers.

The lender will still consider first-time landlords and let-to-buy borrowers. 

Its buy-to-let rates currently begin at 5.09 per cent for a five-year fix at 60 per cent loan to value (LTV) with a £1,999 fee, while the two-year fixed equivalent with a £999 fee is priced at 5.32 per cent.


Newcastle BS adds trackers

Newcastle Intermediaries has launched two base tracker products for purchase and remortgage. 

The products are both available up to 70 per cent LTV.  

The purchase option tracks 0.2 per cent above the Bank of England base rate, which is currently four per cent, and has a £999 fee.  

The remortgage product is 0.5 per cent above the base rate and has no fee. It comes with free legals or £250 cashback, and offers a free standard valuation on properties up to £500,000. 

Overpayments of up to 10 per cent each year is allowed, and the products are available for loans up to £1.5m. There is a one per cent early repayment charge. 

Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said, “We’re committed to giving brokers as many options as possible to support their clients and, amid a changing base rate environment, these products look to provide an option for those customers looking for flexibility.  

“In introducing this range we’ve also taken into account feedback from brokers to ensure fee-assisted options are available for those borrowers who may want support with costs.” 

There are 0 Comment(s)

You may also be interested in