Newbury Building Society has announced a new range of improved buy-to-let products.
Let’s break down exactly what these changes mean:
- Reduced Fixed Rates: The standard five-year fixed rates are now lower, dropping from 5.79% to 5.49%. This is a substantial decrease and could mean significant savings over the course of a mortgage.
- Limited Company Benefits: If you’ve invested in property through a limited company, there’s good news for you too. The five-year fixed rates for limited companies have been cut from 6.29% to 5.89%.
- Holiday Lets and Expats: For those with holiday let properties or expats looking to invest in the UK property market, rates now start from a more attractive 6.29%.
- Increased Discounted Rates: There’s an increase in the discounted rate on three and five-year products to -1.75%. For limited company three-year rates, it’s now -1.50%. And for expats and holiday let three-year rates, there’s a -0.25% increase to -1.25%.
Geographical Availability
These products are not just limited to a specific area; they’re available across England and Wales. However, if you’re an expat, take note: these products are not available to those living in an EEA country.
Why This Matters
Roger Knight, the lending manager at Newbury Building Society, expressed his enthusiasm about these changes. He noted that this move is a response to the increasing stability in the mortgage market. It’s a big deal because it reflects a positive shift in the market conditions and offers more attractive options for those involved in buy-to-let investments.