The Mortgage Lender has announced an increase to its LTV for capital raising landlords from 65% to 75% on all remortgage products.
The rise means there are no limits on the amount of capital a landlord is able to raise in England, Scotland or Wales through a remortgage up to 75% LTV.
The facility will be available across its core product range and rates for a five-year fix start at 3.49%, and at 3.13% for its two-year fixed rate products.
“We’ve been working hard to support brokers and their buy-to-let clients throughout the pandemic,” The Mortgage Lender sales director, Steve Griffiths, commented.
“Recent process enhancements and increased resource in our new business teams has allowed us to increase capacity to support this key area, as it is clear that, for most landlords, their plans have not changed, indeed many see it as an opportunity to add properties to their portfolios.
“Whether capital raising is for business investment, to buy a new property, improve an existing property or refinancing, it’s important we have the right combination of criteria and rates to support their plans. Increasing the capital raising LTV to 75% demonstrates our ability to react to market conditions and is the right decision for us, brokers and landlords right now.”
3mc director, Doug Hall, added: “It’s encouraging to see The Mortgage Lender responding to this competitive segment of the market by increasing its capital raising LTV.
“They are also very good at assessing borrowers on an individual basis rather than having a broad-brush approach to criteria and underwriting, which is vitally important as we navigate our way through the impact of the last six months on landlords.”
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