The Mortgage Lender has extended its 2.83% initial rate with 2% completion fee buy-to-let product to the whole of the market.
In a bid to provide introducer partners with access to its low fee range, it has introduced rates that start at 2.83% for a two-year fixed at 70% loan-to-value (LTV) with a £150 application fee and 2% completion fee for individual and limited company applications.
For houses in multiple occupation (HMOs) and multi-unit blocks (MUB) applications, it’s 2.5%
The Mortgage Lender has also abolished the application fee for multiple applications and reduced the completion fee by 0.25% for cases submitted at the same time from introducer partners 3mc, TFC Homeloans and Dynamo – packager route only.
With this semi-exclusive change, brokers can submit multiple cases with no application fee and the completion fee will be reduced to 1.25% for individual and limited company applicants and 1.75% for HMO and MUB applicants.
“The changes we’ve made to our buy-to-let products are in direct response to what the market is telling us it wants,” Peter Beaumont, deputy chief executive at The Mortgage Lender, said.
“We’re listening to our broker partners and making the changes we need to help brokers help their customers and put The Mortgage Lender front of mind.”
This year, The Mortgage Lender launched Help to Buy residential mortgages and its first buy-to-let remortgage product. It also completed its first UK mortgage-backed securitisation of residential assets for £238.5 million.