Complex Buy To Let
The Mortgage Lender launches three-tier completion fee
The Mortgage Lender has introduced a three-tier completion fee structure for its buy-to-let deals and rate cuts at 70% loan to value (LTV) for houses in multiple occupation (HMO) and multi-unit block (MUB) applicants.
The three tiers of completion fee available to the whole market are fixed fees, a percentage fee or zero completion fee.
Fixed fees range from £1,495 to £2,495 for HMO or MUB applicants and £995 to £1,995 for individual and limited company borrowers.
Percentage fees range from 1.5% to 2% for individual, limited company and HMO or MUB borrowers.
The new five-year fixed rate for HMO/MUB applicants borrowing at 70% LTV with a £2,495 completion fee is 3.82%.
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And its new zero completion fee range starts with an initial rate of 3.89% for an individual borrower with a five-year fix at 70% LTV.
The Mortgage Lender deputy chief executive Peter Beaumont (pictured) said the changes in taxation have made the structure of buy-to-let portfolios more complicated.
He added: “Our new range ensures that however a landlord is funding their properties we’ve got options that can help them plan their borrowing in the most cost-effective way for them.”