The Mortgage Lender has set its sights on the buy to let remortgage market with its first tailor-made product that combines competitive initial rates with free standard legal fees, no application, valuation or transfer fees.
The product range is available up to 80 per cent loan to value and facilitates the addition of the completion fee, which ranges from 1.5 to 2 per cent, to the loan.
Initial rates start at 3.44 per cent for a two-year fix at 70 per cent loan to value and 3.70 per cent for a five-year fix at 70 per cent loan to value.
The products cater for individual, Houses of Mutliple Occupation (HMO) and Multi Unit Block (MUB) applicants and are available to the whole of market.
A no fee £500 cashback remortgage product is available for Limited Company applicants with rates starting at 4.02 per cent for a five-year fix with no fees.
The Mortgage Lender chief commercial officer Keith Street said: “The buy to let mortgage market is changing, purchases are down and remortgages are up, by 12.5 per cent last year.
“We expect that trend to continue and for remortgages to make up as much as two thirds of activity in the market over the next few years.
“Our new product is our response to that change in the market. It addresses the borrower and intermediary need for a simple, easy to execute, real life lending choice for those looking to refinance their BTL properties.”
Standard conveyancing is included with the product and carried out by Aberdein Considine.
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.