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A new range of buy to let products has been launched by The Mortgage Lender, set to be distributed through 11 partners.
The new products from The Mortgage Lender will be available for landlords at up to 80 per cent loan-to-value. They will be offered to individuals, limited companies or LLPs, as well as for HMO and multi-unit freehold. They will also be available for new builds and flats situated above commercial properties.
Deputy chief executive of The Mortgage Lender, Peter Beaumont, spoke out about the deals: ‘We said that we would be launching a buy to let product range to complement our existing residential proposition and we’re delighted our ambitions are now a reality. 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 per cent for an individual borrower choosing a two-year fixed rate.’
He continued: ‘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 Mortgage Lender’s buy to let partners are TFC Homeloans, 3mc, John Charcol, The Buy to Let Business, Brightstar, Complete FS, AToM, London & Country, Xpress Mortgages, Which and Mortgages for Business.
For the deals, the interest coverage ratio on the mortgages ranges from 125 per cent to 140 per cent. This is dependent 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 per cent of the loan. This can be added to the loan.