The Mortgage Lender (TML) has introduced a new product to its Buy to Let (BTL) range, in addition updating its First Time-Landlord (FTL) criteria, and repricing a number of BTL and residential products.
TML has launched a new 80% LTV product for Buy to Let customers. Increasing the LTVs on BTL, this will provide landlords with more choice when it comes to how they structure their investment borrowing on their property portfolio. It will also allow them to purchase properties with a smaller deposit, or remortgage and extract more equity from their properties, giving them more options to focus on portfolio expansion or improvements if they wish.
The lender has also increased its FTL criteria on maximum loan amounts from £350,000 to £500,000. This provides greater accessibility for would-be investors looking to become landlords, opening up more property options for landlords to take their first step on the investment ladder.
In more positive news for landlords and those in the residential market, TML has reduced a number of rates across its BTL and residential product ranges. Selected rates across Buy to Let range have been reduced by 0.05%, including the following:
- 5-Year 75% LTV fee range up to £500k
- 5-Year 75% LTV percentage fee ranges of 2.00%, 3.00%, and 5.00%
- 5-Year 75% LTV Multi Loan 2.00% fee variant
- 5-Year 75% LTV Limited Edition Multi Loan 5.00% fee variant
- 5-Year 75% LTV Fee Saver for purchase and remortgage only
TML has re-launched its 2-Year Fixed Rate Limited Edition 75% LTV products for BTL. This includes its 5.00% fee variant at a rate of 3.79%, and its 3.00% fee variant at a rate of 4.79%.
Finally, selected products have also been reduced in the lender’s residential range including its RL1 2-year and 5-year fixed products cut by up to 0.10% and 0.05% respectively,
Chris Kirby, Head of Sales at The Mortgage Lender (TML), comments: “The rental market is a massively important part of the UK economy and social landscape, and as a lender that understands BTL, we want to continue to support this as much as we can. The property market, particularly for BTL, is more complex than it has ever been before, and will continue to evolve as further governmental changes, such as energy efficiency ratings and enhanced tenant protection, become law and are implemented.
“It is therefore crucial that advisers are aware of what is going on in the market to ensure they provide the best support and advice to their customers to navigate the ever-changing landscape. In widening our proposition, we hope to continue to support existing landlords, as well as those joining the market. Our changes and additions across our product range is a reflection of our commitment to brokers and their customers.”
