The Mortgage Lender has announced the reduction of completion fees on all buy-to-let (BTL) loans above £500,000 to 0.5% and to 0.75% for loans over £750,000.
The reduced fees are available for individual, limited company, and HMO and MUB applications up to 75% LTV, with rates starting at 3.59% for a five-year fixed rate at 70% LTV.
The lender resumed physical valuations in England in May and is also offering desktop valuations for the majority of BTL properties in Scotland and Wales.
The Mortgage Lender sales director, Steve Griffiths, said: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis.
“The reintroduction of physical valuations in England last month was the beginning of a return to normal and that trend will accelerate as brokers deal with pent up demand for refinancing options. Larger loans can present more complex scenarios so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.”
Legal & General Mortgage Club head of lender relationships, Danny Belton, added: “As we start to return to a more normal market with physical valuations now available, it’s great to see lenders providing products that meet the needs of landlords who want to invest in this area of the market. At a time when income could be challenged, a reduction in fees is very welcome.”
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