Newcastle Building Society to enter buy-to-let market

Mortgage-House-Coins-Wallet-House-700x450.jpg

Newcastle Building Society is set to enter the buy-to-let market.

Its range includes a 2.49 per cent two-year discount, which comes with a £999 completion fee and maximum LTV of 75 per cent.

It is also offering a 2.35 per cent two-year fixed rate with a max LTV of 75 per cent, but this product instead has a 2.5 per cent completion fee.

There is also a five-year fixed rate priced at 3.89 per cent, which comes with a £999 fee and a max LTV of 75 per cent.

All of the products in the range come with a free valuation.

Brokers must submit cases through packager The Business Mortgage Company, which will submit fully packed cases on their behalf. Newcastle will pay the packaging fee on behalf of the applicant.

Corporate development executive Steven Marks says: “We are excited about entering the buy-to-let market, which continues to perform strongly and we’re also delighted to partner up with the buy-to-let experts TBMC.

“This new range adds to our competitive portfolio and enables us to support our brokers further. This development comes at a time when Newcastle 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.”

TBMC chief executive Andy Young says: “We are delighted to be working with Newcastle Building Society and look forward to helping develop and distribute its buy-to-let mortgage offering. 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 per cent 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.”