New Street Mortgages has today announced rate reductions across its buy-to-let mortgage range, with a High Street beating rate of 1.59% at 65% LTV for its 2 year Discount Product and just 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% and offering a 1 year fixed rate of 2.39% at 65% LTV.
Accompanying the reduction in rates, New Street has announced changes to its lending criteria, increasing the maximum borrower age from 75 to 80, whilst maximum valuation limits have also increased to £5 million from £2 million.
Buy-to-let mortgage rates have been reduced on New Street’s fixed rate products as well. The lender’s 2-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%.
Steve Griffiths, Director of Sales and Distribution, The Northview Group, said:
“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. 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.”