New Street cuts buy-to-let rates

Published on

New Street Mortgages has reduced rates across its buy-to-let mortgage range.

It includes 1.59% at 65% LTV for its two-year discount product and 1.94% at 75% LTV.

New Street has also reduced rates on its Let to Buy mortgages, cutting interest rates on all products by 0.50 percentage points and offering a one-year fixed rate of 2.39% at 65% LTV.

The lender has also made changes to its lending criteria, increasing the maximum borrower age from 75 to 80, while maximum valuation limits have also increased to £5 million from £2 million.

In addition, buy-to-let mortgage rates have been reduced on New Street’s fixed rate products. The lender’s two-year fixed rate mortgage has been cut to 1.69% from 1.99% at 65% LTV.

Rates on New Street’s 0% fee fixed rate range have also been cut by up to 0.30 percentage points.

“With all the changes we have recently seen in the buy-to-let market and with more to come, we’re determined to offer brokers deals that offer great value for our customers,” said Steve Griffiths (pictured), director of sales and distribution at the Northview Group, New Street’s parent.

“Today’s rate reductions position New Street with a competitive range of buy-to-let solutions, offering a rate at 65% LTV that beats anything that is available from the high street.

“We are constantly looking to improve our lending criteria to keep in touch with the changing demographic of borrowers, particularly as Britain’s population continues to age.  We firmly believe that today’s changes to lending criteria will also open up New Street’s proposition to customers seeking to invest in the buy-to-let market or remortgage.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...