"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."
The two-year discount rate is available at 75% LTV from 1.94%.
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%.
New Street has cut interest rates on all let to buy products by 0.50% and offering a one-year fixed rate of 2.39% at 65% LTV.
Accompanying the reduction in rates, New Street has also announced changes to its lending criteria, increasing the maximum borrower age from 75 to 80 and increasing maximum valuation limits to £5 million from £2 million.
Steve Griffiths, Director of Sales and Distribution, The Northview Group, said: “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. 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.”
