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New Street reduces rates on buy-to-let range

  • 02/11/2016
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New Street reduces rates on buy-to-let range
New Street, the broker-only buy-to-let lender, has reduced its rates by up to 0.60% with immediate effect.

The brand, which launched in March, which positions itself as ‘just off the high street,’ has reduced prices across the majority of its purchase and remortgage range.

Rates start from 2.44% on its two-year fixed rate at 75% loan-to-value (LTV) as well a rate of 2.79% at 80% LTV with a 1.50% completion fee, for first time investors and experienced landlords.

For its five-year fixes, it carries a rate of 3.44% with 75% LTV as well as a rate of 3.79% at 80% LTV.

Two-year fixed rates for its buy to let remortgage products start at 2.99% at 75% LTV, with its three-year fixes for remortgages starting at 3.49% at 75% LTV.

Additionally, buy to let early repayment charges (ERCs) for its two-year fixed rates stand at 3.00% for year one and then 2% for year two.

ERCs for its five-year fixed rate start at 4% in year one, before reducing to 3% in year two, 1.50% in year three and then staying at 1% for year four and five.

Key criteria for its buy to let product range include loans up to £1m with a minimum loan size of £25,000 and minimum valuations at £75,000.

New Street’s minimum age for applications start at 25 years old with maximum age at loan term ending at 75 years old.

It is hoped the reductions will offer better value for customers with lower deposits or customers facing challenges with rental yield affordability.

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