The Mortgage Lender enters buy-to-let remortgage market
The Mortgage Lender has entered the buy-to-let remortgage market with a whole of market product range.
The range is available up to 80% LTV and completion fees, which range from 1.5 to 2%, can be added to the loan.
Initial rates start at 3.44% for a two-year fix and 3.70% for a five-year fix at 70% LTV.
A fee-free £500 cashback remortgage product is also available for limited company applicants with rates starting at 4.02% for a five-year fix.
Products cater for individual, HMO and multi unit block applicants and come with free standard legal fees and no application, valuation or transfer fees.
Keith Street, chief commercial officer at The Mortgage Lender, said: “The buy-to-let mortgage market is changing, purchases are down and remortgages are up by 12.5% last year.
“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 buy-to-let properties.”
Specialist buy-to-let mortgage lender Landbay today announced it is increasing its maximum loan term from 25 to 30 years.
This change is effective as of 1 May and all products are available through Landbay’s approved distributor partners.
This loan term change comes at a time of rapid growth for Landbay, including new additions to the sales team and a new Head of Networks and Clubs.
Paul Brett, Managing Director of Intermediaries at Landbay, commented:
“We are constantly listening to our intermediary partners to understand the needs of the clients. This product enhancement is a direct response to those needs, and we are pleased to be able to offer even more flexibility to brokers and their landlord clients.”
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