Newcastle Intermediaries has updated its buy-to-let range and introduced a new remortgage exclusive product.
The two-year fixed rate comes at a rate of 2.95 per cent for those at 75 per cent loan-to-value, with no product fees, a free standard valuation and free legal costs.
The deal is available through The Business Mortgage Company and a selected group of brokers on Legal & General’s distribution panel, which Newcastle Intermediaries launched with in March.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We continue to see increased interest in our buy-to-let proposition and this competitive product will offer a great option for re-mortgaging landlords, looking to avoid high product fees.”
The minimum loan size is £50,000 and the maximum is £350,000.
Free standard valuations are available on properties up to and including £500,000 while the fee-free offer applies to reservation and completion fees.
Danny Matthews, a broker at Total Mortgage Network, said there are more and more ‘no fee’ products hitting the market.
He said: “With the new tax changes coming into place over the next few years people are still unsure as to what they can and cannot offset, making these look more attractive now.
“As investors get more educated who knows what will happen, but as it stands, the announced Newcastle deal is one of the best out there among ‘no fee’ products.”
peter.walker@ft.com
