Newcastle Building Society Intermediary Services (NBSIS) has this month announced its entry into the buy-to-let (BTL) market with a range of products.
NBSIS will work with The Business Mortgage Company (TBMC) which will liaise directly with brokers and submit fully packaged cases to NBSIS on its behalf.
The products, which will be available to all brokers, include market leading rates and include a range of short and long-term fixed or discounted rates. As well as this, all products offer a free valuation and have a range of either a fixed or percentage based fees enabling borrowers to decide on the product which suits them most and is the most cost effective.
NBSIS has confirmed it will pay the packaging fee on behalf of the applicant, typically between £250-£299, helping them make upfront savings.
Credit searches will take place although Newcastle 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% (5.5% APR), which comes with a £999 completion fee and a max loan to value (LTV) of 75%.
Alternatively, there is a two year fixed rate product at 2.35% (5.7% APR), also at a max LTV of 75% but this time with a 2.50% completion fee of the loan amount.
There is also a five year fixed rate for those that want the security of a longer term fixed rate at 3.89% (5.3% APR) and this comes with a £999 completion fee and a max LTV of 75%.
“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,” says Steven Marks, Newcastle's corporate development executive.
“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,” adds Andy Young, chief executive officer at TBMC.