The Mortgage Lender has announced new enhancements to its buy-to-let (BTL) criteria by increasing its overall lending threshold from £2.5m to £5.0m and removing the cap on the number of portfolio properties it will lend on.
The intermediary-only lender is also increasing its maximum loan for individual properties, from £2m to £3m, and accepting refinance applications within six months of the initial purchase.
The criteria enhancements are in response to broker feedback from distribution partners and directly authorised brokers, and The Mortgage Lender indicated they would be available to the whole of the market immediately.
The Mortgage Lender revealed it would also now accept BTL applications for properties on Anglesey and the Isle of Wight, as well as lend on HMOs that are leasehold flats.
“The criteria enhancements reflect what our broker partners have told us is important for them and their clients,” The Mortgage Lender sales director, Steve Griffiths, commented.
“It is only by having close relationships and being involved in the conversations about borrowers and properties that fall outside normal lending criteria that we are able to respond in this way and change how we operate to better meet the needs of brokers and their clients.
“We will continue to listen to our broker partners and make changes to our criteria and products to help more investors finance their BTL portfolios.”
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