Lender overhauls BTL mortgage deals

New Street Mortgages has unveiled changes to its buy-to-let range, while also making key alterations to its lending criteria.

The lender has introduced a reduced reversionary rate option and can now offer a lower assessment rate on its five-year fixed products of 4.5%. It has also increased rates on its five-year fixed rate range by 0.1% to 0.4%.

The mortgages now come with a free valuation option for both purchase and remortgage.

In addition, the lender has also increased the maximum age at the end of the loan term from 80 to 85, and introduced a free valuation option for both purchase and remortgage.

The age increase is part of a growing trend in the mortgage lending sector, according to Daniel Bailey, mortgage broker from Middleton Finance.

He told the press: “We’re gradually seeing more and more lenders upping the ages at which people can have buy to let mortgages. This reflects the interest from older people who are looking for an alternative to pensions.” 

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