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|Further expansion of Paradigm lender panel with addition of New Street Mortgages|
|Wednesday, 28 September 2016|
Paradigm Mortgage Services, the mortgage services proposition, has today (27th September 2016) expanded its lender panel further with the addition of intermediary lending brand, New Street Mortgages.
Currently New Street Mortgages is a Buy to Let and Let to Buy only provider, with plans to launch into the residential market in 2017. It uses intelligent criteria and systems, and aims to provide intermediaries with an alternative to traditional mainstream and specialist lenders.
New Street uses analytics to deliver progressive lending criteria, instant decisions and fast offers. Its lending criteria includes:
· Rental calculations starting at 115% at 5.5%.
· Portfolio landlords - no limit on portfolio sizes with other lenders.
· Let-to-buy products, particularly for accidental landlords.
· Remortgages including debt consolidation.
· Automated decisions based on a credit search, not a credit score.
· All communications defaults and missed payments are ignored.
· Consideration of historic CCJs and defaults over 36 months old.
· LTVs to 80%; let-to-buy range with fixed rates up to three years with a one-year ERC and fee-free products.
New Street is part of The Northview Group of mortgage companies, which manages over £10 billion of mortgage assets.
John Coffield, Head of Paradigm Mortgage Services, commented: “This is a traditionally busy time for the mortgage market and advisers want to ensure they have access to the newest brands who are offering cutting-edge propositions tailored to the specific needs of their clients. New Street Mortgages certainly fits the bill in this regard, and as part of The Northview Group, comes with a pedigree that all mortgage advisers should be familiar with.
“At present, New Street is only active in the buy-to-let and let-to-buy market but the anticipation is that early next year Paradigm members will have access to its full range of products which will cover off many sectors and client types. With its focus on technology, intelligent criteria and analytics New Street is looking to have a sizeable impact on the market and to offer something different to the high-street, mainstream and specialist lenders currently active. These are exciting times for such a proposition and we believe Paradigm members will find much to interest them, and their clients, in the New Street product range and criteria.”
Steve Griffiths, Director of Sales and Distribution at The Northview Group, said: “During our successful pilot phase, New Street has proven its ability to meet consumer demand and carve out a position in the market as a modern, technology-driven lender that offers mortgages relevant to the personal and regional needs of our borrowers. We are very excited about what the next phase will bring for New Street Mortgages and we look forward to continuing to develop our proposition as well as widening our distribution to help more people find the mortgages they need.”
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