New Street Mortgages has announced rate reductions across its buy-to-let mortgage range.
It has reduced the rate for its two-year discount product to 1.59% at 65% LTV and 1.94% at 75% LTV.
The firm has also reduced rates on its Let to Buy mortgages, cutting interest rates on all 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 announced 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.
Moreover, buy-to-let mortgage rates have also 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. Meanwhile, rates on its 0% fee fixed rate range have also been cut by up to 0.30%.
“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,” says Steve Griffiths, director of sales and distribution at The Northview Group, New Street’s parent company.
“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.”