The Mortgage Lender has extended its 2.83 per cent initial rate with 2 per cent completion fee buy to let product to the whole of the market.
It has also abolished the application fee for multiple applications and reduced the completion fee by 0.25 per cent for cases submitted at the same time from introducer partners 3mc, TFC Homeloans and Dynamo – packager route only.
The changes mean all of its introducer partners will now have access to its low fee range with rates that start at 2.83 per cent for a two-year fix at 70 per cent loan to value with a £150 application fee and 2 per cent completion fee for individual and Ltd Company applicants and 2.5 per cent for HMO and MUB applicants.
The semi-exclusive change will mean brokers can submit multiple cases with no application fee and the completion fee will be reduced to 1.25 per cent for individual and Ltd Company applicants and 1.75 per cent for HMO and MUB applicants.
The Mortgage Lender deputy chief executive Peter Beaumont said: “The changes we’ve made to our buy to let products are in direct response to what the market is telling us it wants. We’re listening to our broker partners and making the changes we need to help brokers help their customers and put The Mortgage Lender front of mind.”
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.
This year it launched Help to Buy residential mortgages and its first Buy to Let remortgage product. It also completed its first UK mortgage-backed securitisation of residential assets for £238.5m.