Changes to Buy to Let Lending Policy
Date published: 18th October 2016
At Newcastle Intermediaries we have recently made some changes to our Buy to Let lending policy.
The main details of the policy changes are with regards to affordability:
- Rental calculations will now depend on whether a short term or long term product is selected.
- Affordability assessments take into account costs where the borrower is responsible for payment and also mortgage interest tax relief changes that commences on a phased approach from April 2017.
- Our agreed changes are:
| Product Type | Rental Calculation |
|---|---|
| Short term - less than 5 years | 145% @ 5.50% |
| Long term - 5 years or more | 145% @ 4.00% |
View our extensive Buy to Let lending policy here
| Featured Buy to Let Product | Initial Rate | Product Fees | APR | Max LTV | Early Repayment Charges |
|---|---|---|---|---|---|
| 5 Year Fixed Rate Mortgage | 2.57% | £999 | 5.50% | 75% | 75% 5%/4%/3%/2%/1% |
The product will be followed by our standard variable rate of 5.99% for the remainder of the term.
View our full range of Buy to Let products hereFor further information on applying for our Buy to Let mortgages click here.
If you have any other queries you'd like to discuss with us, please don't hesitate to get in touch with our Intermediary Support Team on 0345 602 2338 (Monday to Friday, 8am to 6pm).
This information is for use by authorised mortgage intermediaries only and should not be relied on by customers.