The Mortgage Lender has launched its first range of buy to let products, initially available only through selected broker 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 freeholds, and for new build and flats above commercial premises.
Rates start from 2.99%, for an individual borrower choosing a two-year fixed rate.
The Mortgage Lender’s partners include TFC Homeloans, 3mc, John Charcol, The Buy to Let Business, Brightstar, Complete FS, AToM, London & Country, Xpress Mortgages, Which and Mortgages for Business.
Peter Beaumont, The Mortgage Lender’s deputy chief executive, comments:
“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 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.
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