The Mortgage Lender (TML) has introduced a new product to its buy-to-let range, in addition to updating its first-time landlord criteria and repricing a number of buy-to-let and residential products.
TML has launched a new 80% LTV product for buy-to-let customers, allowing landlords to purchase properties with a smaller deposit or remortgage and extract more equity from their properties, giving them more options to focus on portfolio expansion or improvements if they wish.
The lender has also increased its first-time landlord criteria on maximum loan amounts from £350,000 to £500,000.
In addition, TML has reduced a number of rates across its buy-to-let range by 0.05% and re-launched its two-year fixed rate limited edition 75% LTV products which start from 3.79% with a 5% fee and 4.79% with a 3% fee.
Finally, selected products have also been reduced in the lender’s residential range including its RL1 two and five-year fixed products, down by up to 0.10%.
Chris Kirby, head of sales at The Mortgage Lender (TML), commented: “The rental market is a massively important part of the UK economy and social landscape, and as a lender that understands buy-to-let, we want to continue to support this as much as we can. The property market, particularly for buy-to-let, is more complex than it has ever been before, and will continue to evolve as further governmental changes, such as energy efficiency ratings and enhanced tenant protection, become law and are implemented.
“It is therefore crucial that advisers are aware of what is going on in the market to ensure they provide the best support and advice to their customers to navigate the ever-changing landscape. In widening our proposition, we hope to continue to support existing landlords, as well as those joining the market. Our changes and additions across our product range is a reflection of our commitment to brokers and their customers.”
