New Street cuts buy-to-let rates

New Street cuts buy-to-let rates

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.”