The Mortgage Lender has launched its buy-to-let range, which will be available through 11 exclusive distribution partners.
The products will be available up to 80% loan to value (LTV) and are available to individuals, limited companies or LLPs, for HMO and multi-unit freehold, and for new build and flats above commercial properties.
The buy-to-let partners are TFC Homeloans, 3mc, John Charcol, The Buy to Let Business, Brightstar, Complete FS, AToM, London & Country, Xpress Mortgages, Which and Mortgages for Business.
The interest coverage rate test on the mortgages ranges from 125% to 140% depending on the tax status of the borrower and there is an application fee of £150 plus a valuation fee and completion fee of 1.5 to 2% of the loan, which can be added to the loan.
The Mortgage Lender says it will also take a pragmatic approach to underwriting and accept some historical light impaired credit.
Peter Beaumont, The Mortgage Lender’s deputy chief executive, said: “We said that we would be launching a buy-to-let product range to complement our existing residential proposition and we’re delighted our ambitions are now a reality.
“We’ve worked hard to get the product range and pricing fit for today’s market. It means we’ll accept applicants from 21 to 80 at application, ex-local authority properties, up to four applicants through a Limited Company or Limited Liability Partnership and have rates that start at 2.99% for an individual borrower choosing a two-year fixed rate.
“By launching our buy-to-let products through carefully chosen distribution partners we can continue to test our systems, our underwriting and the end to end customer journey before making our products available to the whole of market.”