The Mortgage Lender has made its buy to let products available to the whole broker market, following a pilot with Mortgages for Business and 10 other partner intermediary firms.
The specialist lender entered the buy to let market in May. Its mortgages are available to individual investors and those borrowing through a limited company structure.
It will lend on HMO properties, multi-unit freeholds, ex-council properties, new builds and flats above commercial properties. As with its residential range, utility and telephone defaults and arrears are not considered as “impaired credit”.
A typical five-year fix at 70% LTV carries a rate of 3.49% for invidual investors, 3.65% for limited companies and 3.79% on HMOs and multi-unit blocks.
The Mortgage Lender deputy chief executive Peter Beaumont commented:
“Brokers like the fact we will lend in Scotland, don’t have a minimum earned income and we’ll lend up to £2m.”