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Figures accurate as of 14th July 2020
Dips Reviewed

Dips Reviewed

within 24 hours

Applications Reviewed

Applications Reviewed

within 120 hours

Documents Assessed

Documents Assessed

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Valuations Assessed

Valuations Assessed

within 120 hours

Telephone average wait time

Telephone average wait time

34 seconds

The Mortgage Lender reduces fees on large buy to let loans

Posted Monday 1st of June 2020
THE WORD ON THE STREET

The Mortgage Lender has reduced completion fees on buy to let loans above £500k to 0.5 per cent and 0.75 per cent for loans over £750k.

The reduced fees are available for individual, Limited Company and HMO/MUB applications up to 75 per cent loan to value with rates starting at 3.59 per cent for a five-year fix at 70 per cent loan to value.

The lender resumed physical valuations in England in May and is offering desktop valuations for the majority of buy to let properties in Scotland and Wales.

The Mortgage Lender sales director Steve Griffiths said: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis.

“The reintroduction of physical valuations in England last month was the beginning of a return to normal and that trend will accelerate as brokers deal with pent up demand for refinancing options.

“Larger loans can present more complex scenarios so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.”

Danny Belton, Head of Lender Relationships at Legal & General Mortgage Club said: “As we start to return to a more normal market with physical valuations now available, it’s great to see lenders providing products that meet the needs of landlords who want to invest in this area of the market.

“At a time when income could be challenged, a reduction in fees is very welcome.”

By Sarah Learoyd of The Mortgage Lender

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