The Mortgage Lender has announced it is abolishing multiple application fees for portfolio landlords and reducing its completion fee on portfolio applications from 1.5% to 1.25%.

The move, which follows the reinstatement of physical valuations in England last month, means landlords can submit multiple applications within a six-month period from the first application, without paying additional application fees.

The lender said the rates for portfolio landlords will start at 3.39% for a two-year fix at 70% loan-to-value.

The Mortgage Lender sales director, Steve Griffiths, said: “Despite all of the challenges the pandemic has created for the housing market, we have continued to see high levels of activity from brokers on behalf of their landlord clients over the last three months.

“The changes for portfolio landlords make it more cost effective for investors to submit multiple applications and provide more choice for brokers and their clients at a time when access to funding options will be crucial in helping landlords restructure and manage their portfolios.”

SimplyBiz Mortgages chief executive officer, Martin Reynolds, added: “As we move to the next stage of the new norm, any initiative that will enable a borrower to save money and provide intermediaries with new options is to be welcomed. I think the approach being taken by The Mortgage Lender is well thought through and offers a reward for loyalty.”

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