The Mortgage Lender (TML) has brought out an 80% loan-to-value (LTV) buy-to-let (BTL) deal, repriced select residential and BTL products and updated its first-time landlord criteria.
TML said the increased LTV for its BTL product would give landlords more choice on how they structure their investment borrowing within their property portfolio.
It added that landlords could buy properties with a smaller deposit, or remortgage or withdraw equity from their properties, so they can grow their portfolio or embark on improvements.
The first-time landlord maximum loan size has been increased from £350,000 to £500,000. The firm said the change would mean “greater accessibility for would-be investors looking to become landlords, opening up more property options for landlords to take their first step on the investment ladder”.
Select BTL and residential rates have been lowered, with residential rates decreasing by around 0.1% and BTL rates falling by around 0.05%.
This includes its five-year fee range at 75% LTV with product fees up to £500,000, along with its percentage fee ranges at 2%, 3% and 5%.
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TML’s five-year multi-loan 2% fee deal at 75% LTV has been cut, along with its limited-edition equivalent with a 5% fee, and its fee-saver deal for purchase and remortgage.
The firm has relaunched its two-year fixed rate limited-edition BTL deal at 75% LTV. Its 5% fee option is priced at 3.79%, while its 3% fee variant is 4.79%.
Chris Kirby, head of sales at TML, said: “The rental market is a massively important part of the UK economy and social landscape, and as a lender that understands BTL, we want to continue to support this as much as we can.
“The property market, particularly for BTL, is more complex than it has ever been before, and will continue to evolve as further governmental changes, such as energy-efficiency ratings and enhanced tenant protection, become law and are implemented.”
He added: “It is therefore crucial that advisers are aware of what is going on in the market to ensure they provide the best support and advice to their customers to navigate the ever-changing landscape.
“In widening our proposition, we hope to continue to support existing landlords, as well as those joining the market. Our changes and additions across our product range [are] a reflection of our commitment to brokers and their customers.”
