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New Street Mortgages expands distribution to all brokers

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Specialist lender New Street Mortgages has expanded distribution to the whole mortgage broker market.

The wider launch following a pilot with L&G Mortgage Club, LSL, John Charcol and Mortgage Advice Bureau.

New Street sells buy-to-let and let-to-buy. The lender’s rental calculations range from 115 per cent to  125 per cent at 5.5 per cent to 80 per cent LTV, subject to minimum property valuations and postcode.

The lender pays a procuration fee of 0.5 per cent.

Northview Group director of sales and distribution Steve Griffiths says: “This expansion of our proposition sees New Street set to meet the needs of a growing number of people choosing to invest in a buy-to-let property, whether as professional landlords or those looking to rent out their existing home.

“Our let-to-buy range recognises the increasing needs of accidental landlords, who we see as an important market in the current climate.”

The firm plans to expand into residential mortgages later this year.

In July, New Street sales director Adrian Whittaker and Northview distribution director David Finlay left the business after the Northview Group combined the management teams of Kensington and New Street.

Northview said this would deliver better service to the broker market.

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