New Street to launch broker-led BTL range

The lender, which launched as part of the Northview Group in March, plans to distribute a simpler and cheaper version of its current products in the coming weeks after listening to feedback gained during the testing phase.

Pilot partners had told it to simplify the range, making clear and robust decisions, and to introduce pricing which matches the brand’s positioning.

New Street wants to focus on market segments such as buy to let and portfolio landlords, positioning itself as ‘just off the high street’.

This means it will target clients whose “circumstances are straight forward, but whose needs aren’t catered for by mainstream lenders”.

Northview group director of sales and distribution Steve Griffiths (pictured) 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.

“Our pilot phase has given us a great opportunity to further listen to the requirements of both advisers and their clients, and we will now be using this experience to refine our existing range for an upcoming expansion of our distribution.”

New Street pilot-launched into the buy-to-let market with London and Country, John Charcol, and the LSL mortgage networks Pink and First Complete. It was offering brokers a procuration fee of 0.5%.

In March it announced it had broadened its distribution to Legal and General’s DA Nouveau tranche of the mortgage club. Later in April it secured a distribution partnership with the Mortgage Advice Bureau.

Parent company Northview is a sister company of Kensington Mortgages, a lending brand serving the complex specialist sector.