TML launches five-year landlord fix with no ERCs after three years

Rates on the deal start from 4.05% with lending available up to 80% loan to value (LTV).

The mortgage is offered to selected distribution partners including members of the L&G Key Account Panel and network partners.

Completion fees range from 1.5% for individuals and limited company applicants, up to 2% for Houses in Multiple Occupation and Multi-Unit Block borrowers.

The early redemption fee is 5% in years one and two, dropping to 4% in year three.

The Mortgage Lender deputy chief executive Peter Beaumont (pictured) said: “There is uncertainty in the housing market and we wanted to give brokers and their customers a longer-term fixed rate with the flexibility to move after year three without penalty if that makes sense for a landlords’ portfolio.

“It also demonstrates how we’re doing things differently, responding to market demand and giving brokers flexibility in how they structure the borrowing on their customers property portfolios.”