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New Street Mortgages cuts BTL rates by up to 0.7%

New Street Mortgages cuts BTL rates by up to 0.7 per cent

New Street Mortgages has slashed rates on its range of buy-to-let (BTL) mortgages amid a comprehensive product overhaul.

Interest rates have been reduced by up to 0.7%, with the lender’s two-year fixed product at 65% LTV falling to 1.74%.

As part of the revamp, New Street Mortgages has also introduced new low rate rental cover starting from 125% and a £1 valuation fee across the board.

Steve Griffiths, sales and distribution director at the Northview Group – which New Street is part of – said: “Following the recent PRA changes in January, which impacted BTL 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.”

Also featured in the overhaul is a new 5% managed rate for five-year fixed rates and 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 whether ground rent or service changes are payable.

Jane Simpson, managing director of TBMC, added: “I am delighted a lender has listened to our feedback by giving BTL customers leading-edge criteria and great value for money deals.

“Intermediaries and customers alike will welcome this comprehensive package of changes from New Street.”

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