Newcastle Intermediaries has reduced rates on its five-year buy-to-let mortgage deals by up to 0.20 percentage points.

A five-year fixed rate product is now available at 2.49% (4.7% APRC) which is a 0.20 percentage point reduction on its current rate.

It comes with fees of £999 to pay and an early repayment charge of 5% until 30 April 2021, 4% until 30 April 2022, 3% until 30 April 2023, 2% until 30 April 2024 and 1% until 30 April 2025.

In addition, a five-year product is available at a fixed rate of 2.70% (4.7% APRC) a 0.16 percentage point reduction on its current rate. The product comes with free standard valuation and £500 cashback. It also includes an early repayment charge of 5% until 30 April 2021, 4% until 30 April 2022, 3% until 30 April 2023, 2% until 30 April 2024 and 1% until 30 April 2025.

Both products are available at a maximum LTV of 75% and come with 10% overpayments per annum.

John Truswell (pictured), head of intermediary mortgages, said: “Our buy-to-let range remains competitive and we’re pleased to announce a reduction in our five-year rates alongside refreshing end dates for customers looking to either purchase or remortgage.

“We calculate the minimum expected rental income on buy-to-let properties using our Interest Coverage Ratio of 145% at a rate of 4% for product terms of five years or more. Also, there is no maximum age for borrowers on our buy-to-let products giving us a strong buy-to-let proposition.”