The Mortgage Lender launches buy-to-let products
The Mortgage Lender launched a tailor-made buy-to-let product range with free standard legal fees, no application, valuation or transfer fees.
The product range is available up to 80% loan-to-value and facilitates the addition of the completion fee, which ranges from 1.5% to 2%, to the loan. Initial rates start at 3.44% for a 2-year fix at 70% LTV and 3.70% for a 5-year fix at 70% LTV.
The products cater for individual, houses of multiple occupation (HMO) and multi-unit block (MUB) applicants and are available to the whole of market.
A no fee £500 cashback remortgage product is available for limited company applicants with rates starting at 4.02% for a 5-year fix with no fees.
Keith Street, (pictured), The Mortgage Lender chief commercial officer, said: “The buy to let mortgage market is changing, purchases are down and remortgages are up, by 12.5% last year.
“We expect that trend to continue and for remortgages to make up as much as two thirds of activity in the market over the next few years.
“Our new product is our response to that change in the market. It addresses the borrower and intermediary need for a simple, easy to execute, real life lending choice for those looking to refinance their buy-to-let properties.”
Standard conveyancing is included with the product and carried out by Aberdein Considine.