The Mortgage Lender reduces rates on buy to let

The Mortgage Lender has reduced rates and fees on its buy to let range and introduced a new two and five-year Limited Edition with completion fees of 1 per cent.

The Limited Edition five-year fix has an initial rate of 3.39 per cent at 70 per cent loan to value and 3.5 per cent for a two-year fix at 75 per cent loan to value. The existing five-year fix has been reduced from 3.56 per cent to 3.46 per cent and completion fees for all of the Limited Edition products, for individual and limited company applicants, are down from 1.5 per cent to 1 per cent.

It has also reduced rates on its core buy to let range from 3.65 per cent to 3.59 per cent for a five-year fix at 70 per cent loan to value and 3.75 per cent to 3.69 per cent at 75 per cent loan to value. The two-year fixes are down from 3.39 per cent to 3.35 per cent at 70 per cent loan to value and 3.55 per cent to 3.45 per cent at 75 per cent loan to value.

Reduced rates are available to the whole of market and have completion fees of 1.5 per cent for individual and limited company applicants and 2 per cent for HMO/MUB applicants.

The Mortgage Lender sales and product director Steve Griffiths said: “Landlords and brokers are benefitting from increased competition in the specialist buy to let mortgage market.

“The combination of reduced rates and our Limited Edition with reduced completion fees makes us stand out from our peers. It also offers greater choice for landlords, whether they are looking to raise capital to increase the number of properties in their portfolio or refinance existing arrangements to better suit their needs.”