New lender opens its doors with BTL range

New Street Mortgages has today launched into the UK market as a new mass market lending brand under the recently announced Northview Group which also owns Kensington Mortgages.

Related topics:  Commercial,  Commercial finance
Amy Loddington
5th February 2016
launch

New Street’s product range will begin with a launch of buy-to-let focused products with initial distribution available to customers via three mortgage distribution brands - London & Country, John Charcol and the LSL mortgage networks of Pink and First Complete. New Street, which has worked with intermediaries over recent months to develop its products and technology, promises to 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.

The New Street lending process is 'centred on fast, online decision-making' combined with a broker portal which offers real-time case tracking and access to underwriter notes. This data-focused approach to mortgage lending will make it possible for some New Street customers to secure a mortgage in only 5 days, according to the lender.

Lending decisions will be based on intelligent analytics-driven credit profiling, rather than a standard score.

Adrian Whittaker, Sales Director at New Street Mortgages said:

“Mortgage lending is ripe for modernisation – 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 brokers and customers alike, which means getting to the mortgage decision can be slow and uncertain. 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.”  

“Our ‘smarter mortgage solutions’ approach, based on our fast online sourcing process helps brokers to reach rapid, certain decisions with their customers. New Street Mortgages’ focus on digital transformation of the mortgage processes with intelligent use of data, a range of tailored products and our Group’s mortgage market heritage means New Street can offer unique lending solutions to meet the needs of today’s brokers and borrowers.”

David Hollingworth, Director at London & Country Mortgages, said:

“It’s vital for brokers to have a broad range of mortgage solutions at their disposal.  In a highly competitive mortgage market, New Street recognises that products must not only be well priced but also backed by quick and efficient service.  That coupled with an innovative take on product design is what borrowers demand, so we’re delighted to help launch the New Street proposition and further enhance our customer offering.”

 Karen Hedges, Mortgage Manager for Pink and First Complete, said:

“Our collaboration with New Street Mortgages will help to provide a greater range of personalised mortgage solutions to our customers. We believe that New Street’s uniquely digital approach to the mortgage market, where real time updates and sophisticated analytics can help our advisers to better serve their customers, is a compelling proposition”.

Walter Avrili, Managing Director at John Charcol said:

“The launch of New Street Mortgages provides John Charcol borrowers with a greater choice of mortgage products, offering our brokers an easy-to-use online application system that enables us to get the customer the decision they want, more accurately and quickly. We’re excited about the potential this new brand has to offer our clients.”

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