At present New Street Mortgages is a buy-to-let and let-to-buy provider with future plans to venture into the residential market in 2017.
The lender is part of The Northview Group of mortgage companies, which manage over £10bn mortgage assets.
New Street Mortgages uses specialist criteria and systems in a bid to provide an alternative to traditional mainstream lenders. Criteria includes rental calculations starting at 115% at 5.5% and LTVs to 80% with fixed rates up to three years with a one-year ERC for its let-to-buy range.
John Coffield, head of Paradigm Mortgage Services, said: “This is a traditionally busy time for the mortgage market and advisers want to ensure they have access to the newest brands who are offering cutting-edge propositions tailored to the specific needs of their clients.
“With its focus on technology, intelligent criteria and analytics New Street is looking to have a sizable impact on the market and to offer something different to the high-street, mainstream and specialist lenders currently active.”
The use of technology in the mortgage market is a growing requirement among lenders, with the FCA announcing plans to develop robo-advice models to improve access to products and services.
Steve Griffiths, director of sales and distribution at The Northview Group, said: “During our successful pilot phase, New Street has proven its ability to meet consumer demand and carve out a position in the market as a modern, technology-driven lender that offers mortgages relevant to the personal and regional needs of our borrowers. We are very excited about what the next phase will bring for New Street Mortgages and we look forward to continuing to develop our proposition as well as widening our distribution to help more people find the mortgages they need.”
