The broker only buy-to-let lender New Street Mortgages, which is part of the Northview Group, has confirmed its full launch into the mortgage market, with its products available to all mortgage distributors from today.
The brand which launched in March and positions itself as ‘just off the high street’, has streamlined its product range and reduced rates as part of the launch. This follows the conclusion of a successful pilot into the buy-to-let market earlier this year.
Rental calculations range from 115% – 125% at 5.5% to 80% LTV, subject to minimum property valuations and postcode. Meanwhile the lender also announced new early repayment charges on its let to buy range, including a three-year fixed product with a one-year ERC.
Backed by Northview it is welcoming experienced landlords, placing no cap on their portfolios with other lenders and allowing portfolios of their own products of up to the value of £2m.
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.”
He adds: “Our let to buy range recognises the increasing needs of accidental landlords, who we see as an important market in the current climate.”
In July, Northview Group’s distribution director David Finlay and New Street’s sales and distribution director Adrian Whittaker both exited the lender within a week of each other.
However, vice chairman of Northview Group Keith Street told Mortgage Solutions in an exclusive interview that the group remains committed to the New Street Mortgages brand.
