The Mortgage Lender opens BTL low-rate high fee to whole of market

The Mortgage Lender has extended its 2.83 per cent initial rate with 2 per cent completion Buy-to-Let (BTL) product to the entire market.

The lender has also abolished the application fee for multiple applications and reduced the completion fee by 0.25 per cent for cases submitted at the same time from introducer partners 3mc, TFC Homeloans and Dynamo.

The changes mean all of its introducer partners will now have access to its low fee range with rates that start at 2.83 per cent for a two-year fix at 70 per cent loan to value with a £150 application fee and 2 per cent completion fee for individual applicants, and 2.5 per cent for houses in multiple occupation (HMO) and multi-unit block (MUB) applicants.

The semi-exclusive change will mean brokers can submit multiple cases with no application fee and the completion fee will be reduced to 1.25 per cent for individual applicants and 1.75 per cent for HMO and MUB applicants.

Commenting, The Mortgage Lender deputy chief executive Peter Beaumont said: “The changes we’ve made to our BTL products are in direct response to what the market is telling us it wants. We’re listening to our broker partners and making the changes we need to help brokers help their customers and put The Mortgage Lender front of mind.”

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