New Street Mortgages
Specialist LenderNew Street Mortgages is a specialist residential lender focused on borrowers with complex income, including self-employed professionals, contractors, and those with multiple income streams. They use technology-driven underwriting to provide fast decisions on non-standard applications.
About New Street Mortgages
New Street Mortgages was established to address a gap in the UK mortgage market for borrowers with complex but strong income profiles. The lender recognised that many professionals — including IT contractors, freelancers, business owners, and those with portfolio careers — were being underserved by mainstream lenders whose automated systems struggled to assess non-standard income.
New Street combines specialist manual underwriting with modern technology to deliver faster decisions on complex cases. The lender's underwriting philosophy focuses on the borrower's true earning capacity rather than rigid income calculations. This means they can consider day-rate contracting income, retained profits, dividend income, and multiple income streams in ways that high-street lenders often cannot. New Street's platform allows brokers to submit cases electronically and receive rapid feedback.
New Street Mortgages operates exclusively through the broker channel and has built a reputation for clear communication, transparent criteria, and pragmatic underwriting. The lender offers competitive rates that often compare favourably with high-street products, particularly for self-employed borrowers and contractors who would otherwise face premium pricing. New Street has grown steadily by maintaining a tight focus on residential lending for complex income borrowers.
Lending Focus
New Street Mortgages offers mortgage products across 1 categories including Residential.
Key Features
- Specialist income assessment for contractors, freelancers, and self-employed professionals
- Day-rate contracting income accepted and annualised for affordability
- Fast technology-driven underwriting with electronic case submission
- Competitive rates often comparable to high-street products
- Up to 90% LTV available for qualifying borrowers
Pros & Cons
Pros
- Excellent contractor and self-employed income assessment — among the best in market
- Higher maximum LTV (90%) than many specialist lenders
- Competitive pricing that often rivals high-street rates for complex income cases
- Fast underwriting with clear criteria and transparent communication
Cons
- –Broker-only — no direct applications
- –Residential only — no buy-to-let, commercial, or bridging products
- –Does not cater for adverse credit borrowers
Fees & Charges
- Arrangement Fee
- Typically £995 — may be added to loan or paid upfront
- Valuation Fee
- Based on property value — usually £200–£1,500
- Early Repayment Charge
- Typically 2–4% during fixed-rate period
- Overpayment Allowance
- Up to 10% per year on most fixed-rate products
Mortgage Rates
Rate data coming soon. View rates on New Street Mortgages
| Product | Initial Rate | Type | Initial Term | Revert Rate |
|---|---|---|---|---|
| 2 Year Fixed | TBC | Fixed | 24 months | TBC |
| 5 Year Fixed | TBC | Fixed | 60 months | TBC |
| Tracker | TBC | Variable | 24 months | TBC |
Application Process
- Processing Time
- 1–3 weeks from application to offer
- Online DIP
- Yes — available online
- Offer Valid For
- 6 months
Lending Criteria
- Maximum LTV
- 90%
Frequently Asked Questions
Does New Street Mortgages accept contractor income?
Yes, New Street Mortgages specialises in contractor income assessment. They can annualise day-rate income for IT contractors, engineering contractors, and other professionals working on fixed-term contracts, often resulting in higher borrowing capacity than mainstream lenders offer.
What types of self-employed income does New Street accept?
New Street accepts a wide range of self-employed income types including sole trader profits, partnership drawings, limited company salary and dividends, retained profits, and income from multiple self-employed sources. They focus on the borrower's true earning capacity.
How does New Street Mortgages compare to high-street lenders on rates?
New Street Mortgages offers competitive rates that often compare favourably with high-street products, particularly for self-employed and contractor borrowers who may face higher pricing or be declined elsewhere. Exact rates depend on LTV, income complexity, and product chosen.
What is the maximum LTV at New Street Mortgages?
New Street Mortgages offers up to 90% LTV for qualifying borrowers. The exact LTV available depends on the borrower's income type, complexity, and overall affordability assessment.
How to Apply
Broker only. New Street Mortgages products are available through mortgage brokers. Find a broker with New Street Mortgages on their panel.
Similar Lenders
View all lenders| Name | Niches | Type | Max LTV |
|---|---|---|---|
| Aldermore | Residential, Buy-to-Let, Commercial+1 | Specialist | 85% |
| Bluestone Mortgages | Residential, Adverse Credit | Specialist | 85% |
| Godiva Mortgages | Residential, Buy-to-Let | Specialist | 95% |
| Kensington Mortgages | Residential, Buy-to-Let, Adverse Credit | Specialist | 85% |
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