Newcastle slashes buy-to-let rates

Newcastle slashes buy-to-let rates

Newcastle Intermediaries is reducing all its buy-to-let mortgage rates by up to 0.1 per cent.

The largest reduction has been on its five-year fixed rate products. 

An exclusive remortgage deal is a five-year fixed rate at 3.45 per cent with no reservation or completion fee. 

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This product comes with a free standard valuation, free legal fees or £500 cashback and 10 per cent overpayments a year.

Another five-year buy-to-let deal is offered at a fixed rate of 3.25 per cent with £199 reservation fee and £800 completion fee. 

This product also includes 10 per cent overpayments a year and is available to future investors.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: "We know that whilst the purchase market has shrunk over recent years our re-mortgage exclusive product will be popular for existing investors looking for long term rate security."

Dale Jannels, managing director of All Types of Mortgages, said these are good deals from the Newcastle.  

Mr Jannels said: "At a time when the buy-to-let sector is highly competitive and in an apparent 'flat market', it is good to see a lender being bullish with their offerings and looking to attract landlords over a longer term."