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Written by rosalind renshaw

Mortgage Trust has returned to the buy-to-let market after closing its books more than three years ago, in February 2008.

This week, the lender – which is part of the Paragon Group – announced its comeback with a new range of mainstream remortgage buy-to-let products aimed at smaller landlords. 

Mortgage Trust was one of the first lenders in the sector in the mid-1990s and established a strong reputation with both mortgage intermediaries and landlords.  

The new products are available only via intermediaries and are not available to direct customers. Applications can be made online only, at www.MTon-line.co.uk, and a streamlined application process will give an instant initial lending decision.

Mortgage Trust’s products include a two-year tracker at 3.99% and a two-year fixed at 4.99%. Both products are available up to a maximum loan-to-value of 75%, have a fixed fee of £999 and come with free valuation and legal fees.
 
John Heron, director of mortgages, says: “Mortgage Trust is extremely well regarded within the intermediary community and has an excellent reputation for catering for simple buy-to-let cases.

“By utilising technology to a much greater extent in the application process, we will be giving an initial lending decision in minutes. This will deliver a quicker and more efficient process for intermediaries and their landlords.”

The products are available for buy-to-let applications on single self-contained properties and all products are subject to fast track credit score based underwriting. Rental calculation is based on 125% at 5% and applications must be successfully completed by June 24, 2011.

Paragon Mortgages, a sister company, also closed its books in February 2008, but returned to new lending last October, targeting the professional landlord market.  

Mortgage Trust will provide mainstream buy-to-let propositions targeted at smaller scale landlords expanding their portfolios.

Comments

  • icon

    Hey, that's the graetset! So with ll this brain power AWHFY?

    • 25 April 2011 20:10 PM
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