The Mortgage Lender tops £1bn in buy-to-let applications
As The Mortgage Lender marks four years since it launched it has topped £1bn in buy-to-let applications following a record £100m in applications during June.
Its performance comes on the back of multiple enhancements to its range and its Lumi product which has no application, valuation or telegraphic transfer fees.
The Mortgage Lender chief executive Peter Beaumont said:
“Despite the challenges the pandemic has presented we recorded our best ever month for buy-to-let applications in June and July has also started strongly.
“This is due in large part to our ability to tweak areas of our product portfolio throughout the crisis because we have the backing of a strong funder in Shawbrook Bank.
“We’re delighted our broker partners feel these changes add value for landlords and provide what they are looking for in a lender right now, which has enabled them to support us in record numbers throughout the pandemic.”
Dynamo founder and chief executive Ying Tan said:
“Now more than ever it’s important that specialist lenders find their niche in the market.
“Through its core range and product enhancements during COVID-19 The Mortgage Lender has done just that, increasing choice in the market and competition, while also making it easier for brokers and their clients to access the funding they need to underpin their investments.”
The buy-to-let Lumi product offers £500 cashback for purchases or remortgages, or free standard legals for remortgages.
Rates for the Lumi product start at 3.74 per cent for a two-year fix at 70 per cent loan to value for standard buy-to-let and 3.99 per cent for houses of multiple occupation (HMO) and multi-unit blocks (MUB).
In addition to the Lumi product it has:
- Reduced completion fees on buy-to-let loans above £500k to 0.5 per cent and 0.75 per cent for loans over £750k. The reduced fees are available for individual, Limited Company and HMO/MUB applications up to 75 per cent loan to value with rates starting at 3.59 per cent for a five-year fix at 70 per cent loan to value.
- Provided a boost for portfolio landlords by abolishing multiple application fees and reducing its completion fee on portfolio applications from 1.5 per cent to 1.25 per cent. Landlords can submit multiple applications within a six-month period from the first application without incurring additional application fees. Rates for portfolio landlords start at 3.39 per cent for a two-year fix at 70 per cent loan to value.
- Reintroduced physical valuations for buy-to-let applications, including HMO/MUB, in England, Scotland and Wales.
“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 saw a reduction in lenders and products at the beginning of the crisis.
“And the changes for portfolio landlords make it more cost effective for investors to submit multiple applications at a time when access to funding options will be crucial in helping landlords restructure and manage their portfolios.”
Kindly shared by The Mortgage Lender