The Mortgage Lender has enhanced its buy to let (BTL) criteria by increasing its overall lending threshold from £2.5m to £5.0m and removing the cap on the number of portfolio properties it will lend on.
It is also increasing the maximum loan for individual properties from £2m to £3m and accepting refinance applications within six months of the initial purchase.
The criteria enhancements are in response to broker feedback from distribution partners and directly authorised brokers and are available to the whole of the market immediately.
In addition, The Mortgage Lender will now accept BTL applications for properties on Anglesey and the Isle of Wight and lend on HMOs that are leasehold flats.
The Mortgage Lender sales director Steve Griffiths said: “The criteria enhancements reflect what our broker partners have told us is important for them and their clients. It is only by having close relationships and being involved in the conversations about borrowers and properties that fall outside normal lending criteria that we are able to respond in this way and change how we operate to better meet the needs of brokers and their clients.
“We will continue to listen to our broker partners and make changes to our criteria and products to help more investors finance their BTL portfolios.”
The Mortgage Lender is an intermediary-only mortgage lender. It provides real life lending choices for a wide range of borrowers including employed, self-employed, those with impaired credit, lending into retirement and buy to let investors.
Last year it launched help to buy residential mortgages and its first buy to let free legals remortgage product. It also completed its first UK mortgage-backed securitisation of residential assets for £238.5m.