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The Northview Group has drawn the New Street Mortgages brand to a close, with the latter’s buy to let property investment offering now coming under Kensington Mortgages.
As part of the revamp, Kensington mortgages has also expanded its lending criteria. It has introduced ‘top-slicing’ which will allow personal income or income from other properties to be used in affordability assessments.
All features and products from New Street will be incorporated into Kensington’s buy to let offering. This will be available to to customers via intermediaries from 24 July 2018.
Head of sales and marketing at Kensington Mortgages, Craig McKinlay, said: ‘We always look for ways to enhance our business and brands, and ensure we provide our customers and brokers with an effective, competitive and simple proposition that makes sense to all whilst reflecting our level of ambition and growth. Recently, this has led us to focus on enhancing Kensington’s buy to let proposition, as well as further investment in Kensington’s sales team.’
The decision to bring New Street’s proposition under the Kensington Mortgages brand came following market feedback. The aim is to create a single, simplified principal lending brand. This will make it easier for brokers to do business with them.
New mortgage applications for New Street Mortgages will no longer be accepted from 24 July 2018. However, existing customers will continue to be serviced under the New Street brand.
McKinlay added: ‘We believe simplifying our distribution strategy by focusing on Kensington’s award-winning buy to let offering is the best approach going forward. As a top UK specialist lender, we have responded to the recent changes in the buy to let market and this move allows us to provide a simple, easy to use service for our brokers and customers alike. For brokers who have any queries on their New Street accounts, please visit the New Street website to be kept up-to-date on recent announcements.’
The buy to let changes come alongside other changes to Kensington Mortgages rental offerings, including higher loan values and lending to limited companies.