Newcastle Building Society Intermediary Services has entered the buy-to-let market with a range of short and long-term fixed or discounted rates.
They will work with the Business Mortgage Company, which will liaise directly with brokers and submit fully packaged cases to Newcastle on their behalf.
The products all offer a free valuation and have a range of either a fixed or percentage-based fees, with the building society paying the packaging fee on behalf of the applicant; typically between £250-£299.
Credit searches will take place although we will underwrite each application individually, therefore assessing on a case by case basis.
The products launched include a two-year discounted deal at 2.49 per cent, which comes with a £999 completion fee and a maximum loan-to-value of 75 per cent.
Alternatively, there is a two-year fixed rate product at 2.35 per cent, also at a maximum LTV of 75 per cent, but this time with a 2.50 per cent completion fee of the loan amount.
There is also a five-year fixed rate at 3.89 per cent, with a £999 completion fee and an LTV of 75 per cent.
Steven Marks, corporate development executive at the business, said that the development comes at a time when they have invested in the management of intermediary relationships, as well as service and systems.
Andy Young, chief executive officer at TBMC, added: “It is great to see another buy-to-let lender entering the marketplace, offering even wider choice to landlord clients.”
peter.walker@ft.com
