New Street Mortgages changes lending criteria

New Street Mortgages has announced that it has overhauled its buy-to-let range, with a number of key changes to criteria.

Related topics:  Finance
Warren Lewis
16th August 2017
House Graphics 1

New Street has introduced a reduced reversionary rate option and can now offer a lower assessment rate on its five-year fixed products of 4.50%. It has also increased rates on its five-year fixed rate range by 0.1% to 0.4%.

The lender has also increased the maximum age at the end of the loan term from 80 to 85, and introduced a free valuation option for both purchase and remortgage.

New Street also made comprehensive changes to its buy-to-let proposition earlier this year, including new lower rental cover starting from 125%. Rental calculations are now 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.

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.