MT Finance has launched into the buy-to-let (BTL) market with a limited distribution of packager firms, which includes Impact Specialist Finance.
Its new offerings include a 125 per cent income coverage ratio, allow up to four applicants and are open to first-time buyers.
Available up to 80 per cent loan to value (LTV), the five-year fixed rates start at 4.99 percent. The specialist packager and distributor based in West Sussex said individuals, corporate borrowers including limited companies and expat borrowers could apply.
The range also accepts houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) with as many as 10 bedrooms/units, holiday lets and former local-authority sites.
MT Finance, which primarily operated in the non-regulated bridging market, secured funding from J.P Morgan in June to support its expansion into buy to let.
Dale Jannels (pictured), managing director at Impact Specialist Finance, said: “Despite the challenging economic outlook, it’s great to see lenders such as MT Finance provide yet more choice for brokers and their property investor clients. Our relationship with MT Finance spans many years and so we are delighted to have been chosen as one of the initial band of businesses to launch their buy-to-let proposition to market.”
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Marylen Edwards, head of BTL lending at MT Finance, added: “MT Finance has launched into the BTL market with the intention to cover areas of criteria where we feel there was a niche amongst our peers. For example, our 125 per cent income ratio cover across the board allows more flexibility on borrowing for clients.”
She said MT Finance was able to review cases as they are submitted. In a market where there is “some strain” on service level agreements (SLAs), “we have just offered on a case seven working days after submission of the application,” she added.