The Mortgage Lender has launched its first range of buy-to-let products, which will initially only be available through selected broker partners.
These buy-to-let mortgages will be available up to 80 per cent LTV, and will be open to both individuals and those buying through limited companies, or LLPs.
These loans will be offered on HMO and multi-unit freeholds, as well as new build propertyand flats above commercial premises.
Rates start from 2.99 per cent, for an individual borrower choosing a two-year fixed rate.
The interest coverage rate test ranges from 125 per cent to 140 per cent, depending on the tax status of the borrower.
Mortgages have an application fee of £150, plus a valuation and completion fee, worth between 1.5 and 2 per cent of the loan. These costs can be added to the loan.
The Mortgage Lender’s partners include TFC Homeloans, 3mc, John Charcol, The Buy to Let Business, Brightstar, Complete FS, AToM, London & Country, Xpress Mortgages, Which and Mortgages for Business.
The Mortgage Lender’s deputy chief executive Peter Beaumont says: “By launching our buy-to-let products through chosen distribution partners we can continue to test our systems and our underwriting, before making our products available to the whole market.”
He adds that this buy-to-let range is designed to complement the lender’s existing residential range.