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The Mortgage Lender boosts portfolio buy to let

Posted Monday 15th of June 2020
THE WORD ON THE STREET

The Mortgage Lender has provided a boost for portfolio landlords by abolishing multiple application fees and reducing its completion fee on portfolio applications from 1.5 per cent to 1.25 per cent.

The move means landlords can submit multiple applications within a six-month period from the first application, without paying additional application fees, and follows the reinstatement of physical valuations in England last month.

Rates for portfolio landlords start at 3.39 per cent for a two-year fix at 70 per cent loan to value.

The Mortgage Lender sales director Steve Griffiths said: “Despite all of the challenges the pandemic has created for the housing market, we have continued to see high levels of activity from brokers on behalf of their landlord clients over the last three months.

“The changes for portfolio landlords make it more cost effective for investors to submit multiple applications and provide more choice for brokers and their clients at a time when access to funding options will be crucial in helping landlords restructure and manage their portfolios.”

SimplyBiz Mortgages chief executive officer Martin Reynolds said: “As we move to the next stage of the new norm any initiative that will enable a borrower to save money and provide intermediaries with new options is to be welcomed. I think the approach being taken by TML is well thought through and offers a reward for loyalty.”

By Sarah Learoyd of The Mortgage Lender

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