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Newcastle building society enters BTL market

Newcastle Building Society Intermediary Services (NBSIS) has announced its entry into the buy-to-let market with a range of products for landlords.

NBSIS will work with The Business Mortgage Company (TBMC) who will liaise directly with brokers and submit fully packaged cases to NBSIS on their 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 will pay the packaging fee on behalf of the applicant, typically between £250 and £299, helping them make upfront savings.

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 2.5% 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%.

Steven Marks, corporate development executive, said: “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.

“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.”

Andy Young, chief executive officer at TBMC, 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. 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 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.”

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