Paradigm Mortgage Services has further expanded its lender panel further with the addition of intermediary lending brand, New Street Mortgages.
The lender is currently a buy-to-let and let-to-buy provider, with plans to launch into the residential market in 2017. Its rental calculations start at 115% at 5.5%, with no limit on portfolio sizes with other lenders.
New Street is part of The Northview Group of mortgage companies, which manages over £10 billion of mortgage assets.
Steve Griffiths (pictured), 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.”
John Coffield, head of Paradigm Mortgage Services, added: “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.”