New lender, New Street Mortgages, kicked wide open its doors for business today (23 September).
The new lender, which is part of the Northview Group, had launched with a limited number of intermediaries back in February but today (23 September) it made its products available to all mortgage distributors.
The lending brand offers products which are “geographically tailored” and claimed to offer market leading affordability on high loan-to-value (LTV) mortgages.
Rental calculations range from 115 per cent to 125 per cent at 5.5 per cent to 80 per cent LTV, subject to minimum property valuation and postcode.
New Street is also particularly catering for ‘let-to-buy’ customers, with bosses claiming to be responding to an increase in the number of ‘accidental landlords’ who are choosing to rent out their existing residential properties, often as a result of moving elsewhere.
New Street has announced new early repayment changes on its let-to-buy range, including a three-year fixed rate product with a one-year early repayment charge (ERC).
Steve Griffiths, director of sales and distribution at The Northview Group, said: “This expansion of our proposition sees New Street set to meet the needs of a growing number of people choosing to invest in a buy-to-let property, whether as professional landlords or those looking to rent out their existing home.
“Through the intelligent, innovative use of data, and by offering robust decisions quickly, our products with geographically tailored rental cover will continue to offer a bespoke solution to landlords across England and Wales, with improved value for money and a highly targeted approach to rates for properties located in high-demand areas.
“We strongly believe that New Street’s strategy of catering for customers whose needs don’t quite fit mainstream lenders’ criteria, but which are not complex cases will be a winner.
“We look forward in the coming months to seeing New Street further carve out its growing market share, offering a technology-led, analytics-driven proposition that helps borrowers get ahead in the property race.”
Sally Laker, managing director of Mortgage Intelligence, said: “We are delighted to be adding New Street Mortgages to our panel of lenders.
“We feel their innovative approach to lending and unique criteria will be well received by both our appointed representatives and directly authorised members, and will further enhance the range of competitive solutions our advisers can offer their landlord clients.”
Dale Jannels, managing director of All Types of Mortgages (Atom), said providing choice to customers is key and in this market, where landlords are constantly under scrutiny, further options and competitive products can only be good news.
Mr Jannels said: “We know the great team behind New Street and will look forward to their future successes in the sector.”