The Mortgage Lender launches buy-to-let exclusive
The Mortgage Lender has launched a range of buy-to-let products distributed through 11 partners.
The products will be available up to 80% loan-to-value and are available to individuals, limited companies or LLPs, for HMO and multi-unit freehold, and for new build and flats above commercial properties.
Peter Beaumont (pictured), deputy chief executive of The Mortgage Lender, said: “We said that we would be launching a buy-to-let product range to complement our existing residential proposition and we’re delighted our ambitions are now a reality.
“We’ve worked hard to get the product range and pricing fit for today’s market. It means we’ll accept applicants from 21 to 80 at application, ex-local authority properties, up to four applicants through a Limited Company or Limited Liability Partnership and have rates that start at 2.99% for an individual borrower choosing a two-year fixed rate.
“By launching our buy-to-let products through carefully chosen distribution partners we can continue to test our systems, our underwriting and the end to end customer journey before making our products available to the whole of market.”
The Mortgage Lender’s buy-to-let partners are TFC Homeloans, 3mc, John Charcol, The Buy to Let Business, Brightstar, Complete FS, AToM, London & Country, Xpress Mortgages, Which and Mortgages for Business.
The interest coverage ratio on the mortgages ranges from 125% to 140% depending on the tax status of the borrower.
There is an application fee of £150 plus a valuation fee and completion fee of 1.5 to 2% of the loan, which can be added to the loan.