The core BTL range has been developed to improve speed, simplicity and accessibility for landlords, with products across two tiers which depend on a borrower’s risk profile and the loan needed.
It includes two- and three-year fixes as well as a two-year tracker.
The core BTL products are available for residential properties and standard assured shorthold tenancies (ASTs). The maximum term is 25 years and there are no rolled up or deferred payment options, however, this is available through the specialist BTL range.
The lender will use open market valuations (OMVs) to maximise the available loan to value (LTV) and streamline the process.
It will be open to UK expats with a footprint living in EEA countries, the Channel Islands, Switzerland, USA, Canada, Australia, or New Zealand. First-time landlords will be accepted on its tier 2 criteria, while foreign nationals and offshore companies are excluded.
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MFS now has a bridging loan, core BTL, specialist BTL and bridge fusion range.
Paresh Raja, CEO of Market Financial Solutions, said: “We’re approaching a major milestone of 20 years of lending, and our mission remains the same today as it did in 2006: to cater to all manner of clients, no matter how complex, by delivering industry-leading products and an exceptional service.
“The launch of the core BTL range is another important step for us; the core products are all about simplicity and ease-of-access for landlords, and they will perfectly complement the specialist BTL range, which is there to cater to all types of BTL borrower.”
He added: “As a lender, we pride ourselves on being able to take on any application that a borrower or broker might put in front of us. Flexibility and optionality are central to our ‘can lend, will lend’ ethos. Core BTL is another valuable string to our bow and I’m confident that the response from the market will be really positive.”
Shawbrook refreshes BTL products
Shawbrook has updated its BTL product offering with the addition of products, lower pricing and tools for brokers to support clients.
Shawbrook has retired its limited edition BTL products to introduce more complex BTL deals, with the choice of arrangement fees of 2%, 3%, or 5%. This will be available along with the lender’s existing mix of variable rates and fixed rates of two, three, five or 10 years.
Shawbrook has cut rates by as much as 0.4% on complex BTL products under £1m and aligned its loan size banding with its commercial mortgage range.
Further, the lender has rebuilt calculator on its Broker Hub to allow brokers to filter products based on the fixed rate period or arrangement fee, and to include the property’s energy performance certificate (EPC) rating to quote the correct EPC discount available.
Daryl Norkett, director real estate proposition at Shawbrook, said: “These enhancements demonstrate our commitment to supporting brokers and their clients with solutions that meet a wide range of needs. By expanding our product range and improving our terms, we’re making it simpler for landlords to secure the right financing for their property investments.
“Equally, our new Broker Hub Calculator will make it easier for brokers to compare these options and consider what best suits their individual customer’s needs.”