TML cuts rate and launches products in BTL overhaul

As part of the move, TML has cut the rate on its five-year fixed at 75 per cent loan to value (LTV) from 3.69 per cent to 3.56 per cent with all other fees and features unchanged.

A five-year fix at 70 per cent LTV with a rate of 3.49 per cent has been introduced.

TML has also launched a mini multi-unit block product for blocks of two units with a minimum loan of £150,000 and a five-year initial fixed rate of 3.74 per cent at 75 per cent LTV.

The special edition and Mini MUB products are whole of market for purchase or remortgage and available to individuals and limited company applicants with a 1.5 per cent completion fee and a £150 application fee.

TML added that exclusive introducer partners also have access to a new five-year fix large loan product for mortgages between £500,000 and £750,000 with an initial rate of 3.48 per cent at 65 per cent LTV and a reduced completion fee of 0.5 per cent.

Libor change

TML has also continued its move away from using London Inter-bank Offered Rate (Libor) linked products.

On 22 October it replaced its range of BTL products with new ones linked to the TML Buy to Let Base Rate in line with the industry transition away from Libor before the end of 2021.

TML sales director Steve Griffiths said: “This is the first time The Mortgage Lender has launched a special buy-to-let tranche and we’re delighted to have been able to do so with a top quartile rate.

“All of the changes to our products provide competitive criteria and rates for niche segments of the buy-to-let market and have been developed alongside our broker partners who have told us what they and landlords want.”