TML adds HMOs to its Limited Edition BTL products and cuts rates

The Mortgage Lender has cut the cost of its five-year Limited Edition buy to let products and extended the range by adding houses of multiple occupation (HMO) and Multi-Unit Blocks (MUB) to its Limited Edition proposition.

The five-year Limited Edition fixed rate at 75 per cent loan to value for individual and Limited Company applicants is down from 3.31 per cent to 3.2 per cent and the new five-year fixed HMO/MUM product has an initial rate of 3.58 per cent at 75 per cent loan to value.

Limited Edition products are available to the whole of market for purchase and remortgage. They also offer a reduced completion fee of 1 per cent, standard valuation fees and a £150 application fee.

Earlier in the summer it added a raft of new 80 per cent loan to value products to its core BTL range and reduced its minimum loan value to £25,001.

The Mortgage Lender sales and product director Steve Griffiths said: “Our Limited Edition buy to let products are designed to make it easier for brokers and landlords to refinance and add to their portfolios.

“Adding HMO and MUB properties to the mix gives landlords looking to purchase or remortgage those buildings access to competitive five-year rates and reduced completion fees, bringing down the overall cost of refinancing or purchasing while allowing them to leverage by borrowing up to 75 per cent loan to value.”