The Mortgage Lender simplifies buy-to-let offering

The Mortgage Lender has simplified its buy-to-let proposition and reduced rates across its product range.

Related topics:  Mortgages
Rozi Jones
28th February 2020
Steve Griffiths TML
"These changes address all those elements by reducing our rates, simplifying our product range and aligning our pricing for individuals and limited company applicants."

The revised range maintains a variety of fee options for borrowers, including percentage fee, fixed fee and zero fee options, with rates now starting from 2.83% for a two-year fix with a 2.25% fee and 3.19% for a five-year fix with a 2% completion fee.

Rates have been cut across the majority of HMO and multi-unit block products, with two-year fixed rates now starting from 3.08% and five-year fixes from 3.34%, both with a 2.5% completion fee.

As part of the changes, TML has introduced a new large loans product for applications over £500,000.

Its limited company £500 cashback product has been extended to individual, HMO and MUB applicants and free legals have been extended to limited company applicants as well as individuals and HMO/MUBs.

Additionally, the multiple application window has been increased to six months for portfolio landlords, during which they will not have to pay an additional application fee and can benefit from a reduced completion fee through the portfolio multi Loan product.

Steve Griffiths, sales director at The Mortgage Lender, said: “The buy-to-let market is competitive across pricing, criteria and product. These changes address all those elements by reducing our rates, simplifying our product range and aligning our pricing for individuals and limited company applicants.

“Our products are streamlined and more competitive while retaining the choice our broker partners have asked for. We’ve delivered rates that stand out from the crowd, we’ve maintained the choice between percentage or fixed fees to help landlords access products that best suit their circumstances and made it easier for portfolio landlords to refinance multiple properties over a longer period.

“We’ve also aligned the pricing on incentivised products making it easier for landlords to choose between free standard legals and cashback options. Together these changes signal a maturing of our BTL proposition and our commitment to work with our partners to evolve, innovate and ensure we are providing real life solutions that meet the needs of today’s landlords.”

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