Newcastle Intermediaries improves buy-to-let criteria

Newcastle Intermediaries improves buy-to-let criteria

Newcastle Intermediaries has reduced the minimum income requirement for joint buy-to-let properties from £40,000 to £30,000.

Its existing buy-to-let lending policy includes no maximum age limit and five-year fixed products stressed at 145% at 4%.

To support this change, Newcastle Intermediaries has also announced a range of refreshed range of buy-to-let products, including fee assisted options.

All products in the range allow borrowers to overpay by 10% of their mortgage balance per annum, over and above the existing policy which allows £499 regular monthly overpayments, providing increased flexibility to the range for those borrowers who may wish to overpay to their mortgage.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “As we continue to grow our buy-to-let offering, the reduction of the minimum income for joint properties reflects our commitment to the market and to providing more flexibility for brokers seeking the right choice for their clients.”