Newcastle Intermediaries reduces landlord rates, Furness cuts resi range Mortgage Finance Gazette

Img

Newcastle Intermediaries has cut landlord rates by up to 36 basis points and eased criteria, while Furness has introduced lower residential prices.  

Newcastle Building Society’s broker-only unit says its buy-to-let reductions include five-year fixed-rate deals at 5.55%, available at up to 80% loan to value.  

And two-year fixed-rate offers at 5.85% available up to 80% LTV.  

It has also added a single stress rate of 8.25% across fixes under five years, and a single stress rate of 5.70% across longer-term products.  

The firm’s BTL loans are open to sole trader landlords, have no minimum income or maximum age and are open for purchases and remortgages.  

Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “The recent changes to our BTL proposition, including the removal of our tiered BTL stress rate, reflect the wider market conditions and our commitment to remaining competitive in what is still a dynamic market.”  

Meanwhile, Furness has cut rates on its residential product range, which is available across England, Scotland and Wales.  

This includes new two-year fixes starting at 5.08% up to 75% LTV, 5.28% up to 80% LTV and 5.74% for cases up to 90% LTV.   

It adds that five-year options are available, with rates starting from 4.92% up to 80% LTV. 

All products in its residential range carry a £999 fee, which can be paid upfront or added to the loan. For homemovers, all products in this new range include £250 cashback.  

Furness head of intermediaries Alasdair McDonald adds: “These new price reductions, coupled with our ability to look at cases individually means that we are always looking for a way to say yes.”