The Mortgage Lender has capped its maximum loan to value (LTV) on buy to let at 75 per cent and increased rates across its buy to let range by 0.3 per cent.
Rates now start at 3.39 per cent for 70 per cent loan to value individual and Limited Company applications on a two-year fix. Houses of Multiple Occupation (HMO) and Multi-Unit Blocks (MUB) application rates start at 3.64 per cent for a two-year fix at 70 per cent loan to value.
The five-year fixed rates for the same LTV are 3.65 per cent for individual and Limited Company applications and 3.75 per cent for HMO/MUB applications.
The Mortgage Lender deputy chief executive Peter Beaumont said: “The changes to our buy to let products are in response to current market conditions and reflect our desire, along with that of our funder, to continue to provide real life lending products for landlords that work for real life as it is now.
“We have made significant progress towards implementing remote valuations and intend, in the next few weeks, to have an end to end remote app to offer to completion process in place that will provide our broker partners and their clients with a way of keeping things moving while the government’s social distancing requirements, affecting property valuations, remain in place.
“Alongside working hard to look after our people and adapt our buy to let products to meet the needs of brokers and their clients, we have been humbled by the resilience and support of our partners during this challenging period.”