New Street Mortgages announces comprehensive changes to its Buy to Let proposition

by User Not Found | Apr 04, 2017
New Street Mortgages has announced the launch of comprehensive changes to its Buy to Let proposition, with the following changes live from the 28th of March. Jane Simpson, Managing Director of TBMC said: “I am delighted a lender has listened to our feedback by giving Buy to Let customers leading edge criteria and great value for money deals. Intermediaries and customers alike will welcome this comprehensive package of changes from New Street.”

New Street Mortgages has announced the launch of comprehensive changes to its Buy to Let proposition, with the following changes live from the 28th of March:

  • New low rate rental cover, starting from 125%
  • Introduction of a £1 valuation fee across the board to coincide with the launch of the new £1 coin from the Royal Mint
  • Price changes, including reduction in rates up to 0.7%
  • New 5% managed rate for 5 year fixed rates
  • 1 Year ERC Specials
  • Let to Buy available on all products

Rental calculations will now be tailored to individual circumstances, taking into account a customer’s tax rate, property location, property price and if ground rent and service charges are payable.  Intermediaries can quickly work out the tailored rental calculation by using a new easy to use online calculator or referring to an infographic, which explains the variations.

New Street has also launched a £1 valuation fee across its mortgage range. On the current average UK property price of £218,255 [1], this £1 valuation fee would save consumers £299. Interest rates have also been reduced on the lender’s Buy to Let mortgages by up to 0.7%, with the 2 year fixed at 65% LTV at 1.74%.

Steve Griffiths, Sales and Distribution Director, The Northview Group, said:

“Following the recent PRA changes in January which impacted Buy to Let mortgages, New Street has listened to a great deal of feedback from our intermediary partners on how we could improve our product offering to customers. 

“We believe this extensive overhaul of our product range, offering bespoke lower rental calculations, price reductions of up to 0.7%, a new lower managed rate of 5% for 5 year fixed rates and £1 for all valuations will see our customers benefit from this great package.”

Jane Simpson, Managing Director of TBMC said:

“I am delighted a lender has listened to our feedback by giving Buy to Let customers leading edge criteria and great value for money deals.  Intermediaries and customers alike will welcome this comprehensive package of changes from New Street.”



[1] ONS UK House Price Index, Jan 2017: http://landregistry.data.gov.uk/app/ukhpi