New Street overhauls BTL proposition including 125% rental cover

The changes include new low-rate rental cover starting from 125%; price changes, including reduction in rates up to 0.7%; a new 5% managed rate for 5-year fixes; and 1-year ERC specials.

They have also announced the introduction of a £1 valuation fee to coincide with the launch of the new £1 coin.
 
Rental calculations will now be tailored to 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.”