The Mortgage Lender enters BTL remortgage market

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  • 18/04/2019
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The Mortgage Lender enters BTL remortgage market
The Mortgage Lender (TML) has launched a buy-to-let product range with free standard legal fees and no application, valuation or transfer fees.

 

The product range is available up to 80% loan to value (LTV) and facilitates the addition of the completion fee, which ranges from 1.5% to 2%, to the loan.

Initial rates start at 3.44% and 3.70% for a two-year and five-year fix respectively, at 70% LTV.

The products cater for individual, Houses of Multiple 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% for a five-year fix with no fees.

Keith Street, chief commercial officer at TML (pictured), said that the BTL mortgage market is changing, purchases are down and remortgages are up, by 12.5 per cent last year.

He added: “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.”

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