x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

Newcastle BS dives into booming buy-to-let market

Newcastle Building Society Intermediary Services has entered the buy-to-let market with a range of market-leading products for brokers.

The society said it will work with distribution network The Business Mortgage Company (TBMC), which will liaise directly with brokers and submit fully-packaged cases on their behalf.

The products include a range of short and long-term fixed or discounted rates.

All products come with a free valuation and have a range of either a fixed or percentage-based fees.

The Newcastle will also pay the packaging fee on behalf of the applicant, which is typically between £250 to £299, helping them make upfront savings.

It will undertake credit searches although it will also underwrite each application individually, on a case-by-case basis.

The product range includes a two-year discounted deal at 2.49% (5.5% APR), which comes with a £999 completion fee and a maximum LTV of 75%.

It also includes a two-year fixed rate product charging 2.35% (5.7% APR) to 75% LTV but with a 2.50% completion fee.

There is also a five-year fixed rate at 3.89% to 75% LTV (5.3% APR) with a £999 completion fee.

Steven Marks, corporate development executive, said: “This development comes at a time when NBSIS has invested in the management of our intermediary relationships, as well as our service and systems, all of which are key priorities for us and come at an exciting time when we are building our intermediary business.”

Andy Young, chief executive officer at TBMC, said: “It is great to see another buy-to-let lender entering the marketplace, offering even wider choice to landlord clients.

“Newcastle’s new buy-to-let range has some competitively priced products starting a 2.35% and also includes a five-year fixed rate option, which are becoming more popular with landlords. The free valuation will also be attractive to those looking to reduce upfront costs.”

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up