Newcastle Building Society has today announced that it is to move into the Buy-to-Let market, with a range of products.
The Newcastle will work closely with The Business Mortgage Company, who will take on the role of liaising directly with brokers and then submit cases back to the building society on their behalf.
Products
Available to all brokers, the products will include market-leading rates and also a variety of short or long-term fixed or heavily discounted alternatives. The products have a free-valuation and come with a range of either fixed or percentage based fees. This will allow borrowers to decide on the product that suits them better and which is the most cost effective.
In addition, Newcastle Building Society will pay the packaging fee for all applicants, which is normally between £250-£299.
Products available include a two-year discounted deal at 2.49%, which comes with a £999 completion fee a maximum LTV of 75%. Alternatively, there is a two-year fixed rate deal available at 2.35%, again with a maximum LTV of 75% but with a 2.5% completion fee.[1]
For those after increased security, there is also a five year fixed rate deal at 3.89%, with a £999 completion fee and maximum LTV of 75%.[1]
Partnership
‘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 BTL experts TBMC,’ said Steven Marks, Corporate Development Executive at The Newcastle. ‘This new range adds to our competitive portfolio and enables us to support our brokers further. 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.’[1]
Andy Young, chief executive officer at The Business Mortgage Company said, ‘we are delighted to be working with Newcastle Building Society and look forward to helping develop and distribute its buy-to-let mortgage offering. Young went on to say that 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 5 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.’[1]
[1] http://www.propertyreporter.co.uk/business/newc4stle-bs-enters-btl-market.html