New Street Mortgages introduces £1 valuations to coincide with the new coin

Ryan Bembridge

March 23, 2017

New Street Mortgages will introduce a £1 valuation fee across the board from next Tuesday to coincide with the launch of the 12-sided £1 coin.

The change would save New Street customers £299 based on the average UK house price of £218,255 (ONS).

The lender will cut buy-to-let rates by up to 0.7%, with its 65% loan-to-value 2-year fix standing at 1.74%.

And in a similar move to Furness Building Society its rental cover will be reduced to 125%, while it pledged to assess buy-to-let affordability based on individual circumstances, taking into account a customer’s tax rate, property location, property price and if ground rent and service charges are payable.

Steve Griffiths, sales and distribution director, The Northview Group, said: “Following the recent PRA changes in January which impacted Buy to Let mortgages, New Street has listened to a great deal of feedback from our intermediary partners on how we could improve our product offering to customers.

“We believe this extensive overhaul of our product range, offering bespoke lower rental calculations, price reductions of up to 0.7%, a new lower managed rate of 5% for 5 year fixed rates and £1 for all valuations will see our customers benefit from this great package.”

Jane Simpson, managing director of TBMC said: “I am delighted a lender has listened to our feedback by giving buy-to-let customers leading edge criteria and great value for money deals.

“Intermediaries and customers alike will welcome this comprehensive package of changes from New Street.”

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