Home » Uncategorised »
New buy-to-let lender enters the market
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
A new buy-to-let lender has today entered the market.
New Street Mortgages is to launch its initial products with distribution open to customers via London & Country and the LSL mortgage networks of Pink and First Complete.
Fees
The lender will offer procuration fees of 0.5% on buy-to-let mortgages and has plans to extend its distribution outlets and offers later on in the year.
New Street’s lending process offers online decision-making, in conjunction with a broker portal that offers real-time case tracking. In addition, the service will offer access to underwriter notes. The firm says that by using this process, it will be possible for some customers to secure a mortgage inside five days.
In addition, there will be an ‘Advance’ range, which can analyse market sector risk and borrower profiles, in order to provide customers with a better deal where client circumstances permit.
New buy-to-let lender enters the market
Modern
Adrian Whittaker, Sales Director at New Street Mortgages, stated, ‘mortgage lending is ripe for modernization-and that’s what New Street is all about. The mortgage application process has not kept up with the technological advances that we have seen in other industries, for broker and customer alike, which means getting to the mortgage decision can be slow and uncertain.’[1]
‘If you combine this with the extra time that brokers need to invest in every application following the MMR, it often feels that writing mortgages is harder now than it has been in the past. At New Street, we believe that the mortgage application process should be digital, modern and transparent-and beneficial for brokers and customers alike,’ he continued.[1]
‘New Street Mortgages’ analytically-driven and modern approach to the mortgage process is bringing mortgage lending into the digital age, promising transparent decision-making and tailored solutions which cater to the individual needs of today’s consumers,’ noted David Finlay, Director of Distribution at Northview Group.[1]
‘As part of the Northview Group, New Street’s launch will complement the existing focus of Kensington Mortgages and position the Group as a brand which caters for borrowers across the mortgage market. Mortgage lending has become a slow and time-consuming process, but New Street’s use of intelligent data-driven credit profiling will offer the market fast and consistent decision-making to more straightforward cases,’ Finlay conclude
[1] http://www.propertyreporter.co.uk/finance/new-btl-lender-launches.html
