Complex Buy To Let
TML increases BTL rates and caps lending to 75 per cent LTV
The Mortgage Lender has capped its maximum loan to value (LTV) on buy to let at 75 per cent and increased rates across the range by 0.3 per cent.
Rates now start at 3.39 per cent for 70 per cent LTV individual and limited company applications on a two-year fix.
Homes of multiple occupancy (HMO) and multi-unit blocks (MUB) rates start at 3.64 per cent for a two-year fix at 70 per cent LTV.
The five-year fixed rates for the same LTV are 3.65 per cent for individual and limited company applications and 3.75 per cent for HMO and MUB applications.
Peter Beaumont, deputy chief executive of The Mortgage Lender, said the changes made to its buy to let range were in response to “current market conditions”.
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He also said TML had made progress in implementing remote valuations and was in the process of developing an end-to-end remote app which would take applications from the offer to completion stage while keeping to social distancing rules.
“Alongside working hard to look after our people and adapt our buy to let products to meet the needs of brokers and their clients, we have been humbled by the resilience and support of our partners during this challenging period,” he added.
The lender paused residential mortgage applications in March due to capital market funding concerns.