After seeing a record £100m in applications during June, The Mortgage Lender has reached £1bn in buy-to-let applications.
This follows The Mortgaeg Lender’s changes to its range and its Lumi product which has no application, valuation or telegraphic transfer fees.
Peter Beaumont, The Mortgage Lender chief executive, 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.”
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% for a two-year fix at 70% loan to value for standard buy-to-let and 3.99% for houses of multiple occupation (HMO) and multi-unit blocks (MUB).