New lender New Street Mortgages has today launched into the buy-to-let market.
The lender is the sister company of Kensington Mortgages and is part of The Northview Group, which also includes third-party servicer Acenden.
It has launched through London & Country, LSL and John Charcol initially, although it has pledged to expand its distribution in the coming months.
New Street says it will pay a procuration fee of 0.5 per cent, will offer brokers access to its underwriters and claims “some customers” will secure mortgages in just five days due to its its “intelligent analytics-driven credit profiling”.
Director of distribution David Finlay says: “New Street Mortgages’ analytically-driven and modern approach to the mortgage process is bringing mortgage lending into the digital age, promising transparent decision-making and tailored solutions which cater to the individual needs of today’s consumers.
“As part of the Northview Group, New Street’s launch will complement the existing focus of Kensington Mortgages and position the group as a brand which caters for borrowers across the mortgage market.
“Mortgage lending has become a slow and time-consuming process, but New Street’s use of intelligent data-driven credit profiling will offer the market fast and consistent decision-making to more straightforward cases.”