New Street Mortgages has launched into the UK market as a new mass market lending brand under the recently announced Northview Group.
It claims to offer a modern, digital approach to mortgage lending, supported by fast, automated online applications and decisions.
New Street will be working with three selected distribution partners at launch
It will begin with a launch of buy-to-let products with initial distribution through London & Country, John Charcol and LSL mortgage networks Pink and First Complete.
New Street will deliver a broker-focused proposition to provide a real alternative to the high street.
The new brand will be offering procuration fees of 0.5% on buy-to-let mortgages, and plans to further expand its distribution channels and broaden its product offerings later in 2016.
New Street's lending process will aim for fast, online decision-making combined with a broker portal which offers real-time case tracking and access to underwriter notes to provide more sophisticated, analytics-driven lending.
New Street said it will be possible for some customers to secure a mortgage in only five days.
Adrian Whittaker, sales director at New Street Mortgages said: “Mortgage lending is ripe for modernisation – and that’s what New Street is all about.”
David Hollingworth, director at London & Country Mortgages, said: “It is vital for brokers to have a broad range of mortgage solutions at their disposal.
“In a competitive mortgage market, New Street recognises that products must not only be well priced but also backed by quick and efficient service.
“We’re delighted to help launch the New Street proposition and further enhance our customer offering.”