The Mortgage Lender (TML) has launched a new buy-to-let tracker product.
The new product aims to provide greater choice for borrowers in the current market, which continues to develop in line with the current economic climate.
The real-life lender’s new buy-to-let product consists of a 2-year Bank Base Rate (BBR) tracker 75% loan-to-value (LTV), which tracks BBR +1.86% (initial rate currently 4.86%), reverting to BBR +4.96% after the first two years.
It has an app fee of £150, a completion fee of 2.00%, and fee of £30 and Early Repayment Charge in the first two years of 2% and 1% respectively.
Steve Griffiths, sales director at The Mortgage Lender, said: “The mortgage market and wider economy remains in a state of flux.
“In response, our new product has been developed with the aim of providing a greater choice of alternative products for borrowers to suit their needs and provide a level of flexibility as they seek financing options at this time.
“This product range highlights our efforts to provide real-life lending solutions to brokers and borrowers, whether remortgaging or financing for the first time.”
TML also recently reduced the standard BTL minimum loan requirements to £75,000 from £100,000, allowing more borrowers accessibility to the product range.
The changes aim to give borrowers greater flexibility and choice at a time when market uncertainty remains.
