The Mortgage Lender has topped £1bn in buy-to-let (BTL) applications following a record £100m in applications during June.
The firm has made multiple enhancements to its mortgage range and its Lumi product which has no application, valuation or telegraphic transfer fees. The BTL Lumi product offers £500 cashback for purchases or remortgages, or free standard legals for remortgages.
Rates for the Lumi product start at 3.74% for a two-year fix at 70% loan-to-value (LTV) for standard buy to let and 3.99% for houses of multiple occupation (HMO) and multi-unit blocks (MUB).
In addition to the Lumi product the lender has reduced completion fees on BTL loans above £500k to 0.5% and 0.75% for loans over £750k. The reduced fees are available for individual, Limited Company and HMO/MUB applications up to 75% LTV with rates starting at 3.59% for a five-year fix at 70% loan to value.
The lender has also abolished multiple application fees and reduced its completion fee on portfolio applications from 1.5% to 1.25%. Landlords can submit multiple applications within a six-month period from the first application without incurring additional application fees. Rates for portfolio landlords start at 3.39% for a two-year fix at 70% LTV.
Finally, The Mortgage Lender has reintroduced physical valuations for BTL applications, including HMO/MUB, in England, Scotland and Wales.
The Mortgage Lender chief executive Peter Beaumont said “Despite the challenges the pandemic has presented we recorded our best ever month for buy to let applications in June and July has also started strongly”.
“This is due in large part to our ability to tweak areas of our product portfolio throughout the crisis because we have the backing of a strong funder in Shawbrook Bank.
“We’re delighted our broker partners feel these changes add value for landlords and provide what they are looking for in a lender right now, which has enabled them to support us in record numbers throughout the pandemic.”
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