The Mortgage Lender (TML) has expanded its buy-to-let (BTL) offerings by launching a new 80% loan-to-value (LTV) product and revising its first-time landlord criteria.
These changes include increasing the maximum loan amount for first-time landlords from £350,000 to £500,000, offering more options for investing in the property market.
In addition, TML has reduced rates on various BTL and residential products.
Selected BTL rates have fallen by 0.05%, including options like the 5-year 75% LTV fee range up to £500,000, and the 5-year 75% LTV percentage fee ranges of 2.00%, 3.00%, and 5.00%.
TML has also brought back its 2-year fixed-rate limited edition 75% LTV products for BTL, featuring a 5.00% fee variant at 3.79% and a 3.00% fee variant at 4.79%.
In its residential range, selected products have seen rate cuts, with the RL1 2-year and 5-year fixed products reduced by up to 0.10% and 0.05%, respectively.
Chris Kirby, head of sales at The Mortgage Lender, said: “The rental market is a massively important part of the UK economy and social landscape, and as a lender that understands BTL, we want to continue to support this as much as we can.
“The property market, particularly for BTL, 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.”
Kirby added: “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.”
