Newcastle Intermediaries is announcing reductions in its buy-to-let rates.
25th September 2018
Newcastle Intermediaries has announced it is reducing its buy-to-let rates by up to 0.64% across its full range.
The reductions include a two year re-mortgage deal as well as a number of fixed rates available from two year to five year for re-mortgages and home movers. The largest reduction has been on the five year fixed rate product now available at a rate of 3.05%.
The re-mortgage deal, for those who already have a buy-to-let mortgage, is a two year fixed rate at 2.82% (5.5% APR) available with no product fees to pay and comes with free standard valuation, £500 cashback or free legal fees and 10% overpayments per annum with an early repayment charge of 2% until 31 January 2020 and 1% until 31 January 2021.
Another five year buy-to-let deal is offered at a fixed rate of 3.05% (4.9% APR) with fees of £999, a 10% per annum overpayment option, and an early repayment charge of 5% until 31 January 2020, 4% until 31 January 2021, 3% until 31 January 2022, 2% until 31 January 2023 and 1% until 31 January 2024. This deal is available both to future investors and those looking to re-mortgage at a slightly lower rate.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: "At a time when buy-to-let mortgage rates are increasing and the buy-to-let market continues to readjust itself to the taxation changes made last year, we're pleased to announce a reduction in our rates to give landlords and other potential investors the chance to save some money."
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