According to the lender, the range will be available with both two and five year fixed rates. The lender’s interest coverage ratio on their five year rate products is assessed to 145%, at 4%; and the assessment of rental cover is calculated on an interest only basis.
There is no maximum age criteria at the end of the term and all cases are individually underwritten. The Society also lends up to 75% LTV on loans up to £500,000 to landlords with no more than three mortgaged BTL properties. It will also lend on consumer BTL applications up to 75% LTV.
Stuart Miller, customer director at Newcastle Intermediaries, said: “With such a strong Buy-to-Let proposition, we’re pleased to be extending into Scotland after serving England and Wales for more than three years. As we already lend there on a residential and a self/custom build basis, it made sense to extend the offering of our competitive Buy-to-Let proposition into Scotland.”
