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Newbury Building Society has slashed buy to let mortgage rates for all landlords, including those operating through a limited company.
Newbury has cut all rates by up to 0.25 per cent. The Building Society has reduced limited company buy to let products at 75 per cent Loan to Value to a rate of 2.99 per cent, down from 3.2 per cent.
Both buy to let five year discounts and buy to let three year discounts at 75 per cent have seen rates reduced from 3 per cent to 2.75 per cent. Furthermore, Newbury building society is also offering a limited company buy to let deal at 2.99 per cent, down from 3.2 per cent.
Finally, the building society is offering both a three-year and five-year buy to let discount mortgage at a rate of 2.75 per cent. This is down from 3 per cent, at 75 per cent LTV.
The rate reduction follows the launch of Newbury’s new buy to let affordability calculator. The calculator uses rental coverage of 135 per cent at an interest rate of 5.5 per cent. This also takes into account top-slicing.
Lending manager at Newbury Building Society, Roger Knight, said: ‘We’ve hit the ground running this year by taking steps to strengthen our buy to let offering. Not only have we launched a new calculator that considers top-slicing, we have now reduced our buy to let products for individuals and limited companies.’
He continued: ‘As a society, we’re committed to supporting those looking to purchase their first property as a landlord, a property to rent to a family member – for those looking to give loved ones independence and security whilst accruing capital in the property over time – and to seasoned landlords interested in growing their current property portfolio. We will continue to do so by offering great products and ensure our staff are fully trained to understand the ever-changing buy to let market.’