New buy to let and remortgage rates

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Newcastle Intermediaries has launched a new 2 year fixed rate mortgage this week, which is available with exclusive access to remortgage customers.

The product comes with a highly competitive rate of 1.99%, which remains fixed for 2 years, and is available up to 80% loan to value (LTV). This also comes with the option for over-payments of up to 10% each year, while also providing the benefits of free valuation and legal fees.

As the cost of remortgaging can often prove challenging for borrowers each time their existing deal expires, the additional over-payment benefits of this product allows greater flexibility in the current, uncertain market, as well as saving on some upfront costs.

Elsewhere in the market, Aldermore has also launched a new, limited edition rate to its existing, standard buy to let product range.

The new product comes in the form of a 5 year fixed rate, and is available up to 80% LTV with an initial rate of 3.25%. This is available for loans up to £1 million for purchase and remortgage, as well as being available to individuals applying for singular residential units. This comes with a 1.5% completion fee and a £199 booking fee.

Meanwhile, another lender to have updated its criteria this week is Coventry for Intermediaries, announcing changes to its affordability model, by increasing the borrowing capacity available to more prospective clients.

A spokesperson from the lender stated these changes were commercially sensitive, yet changes had been applied to many aspects of the affordability calculations, to ensure policies remain in line with current market conditions.

This essentially means the lender is now willing to lend more on average, subject to affordability checks and lending policy. This will equally allow brokers to benefit more from the lender’s competitive range of products, now offering greater flexibility too.