The new product has been developed to provide more alternative product options
The Mortgage Lender (TML) is offering a new buy-to-let tracker product, providing greater choice for borrowers in the current, ever-changing market.
The new BTL product consists of a 75% LTV two-year bank base rate (BBR) tracker, which tracks BBR + 1.86% (initial rate currently 4.86%), reverting to BBR + 4.96% after the first two years.
The product has an app fee of £150, a completion fee of 2.00%, TT fee of £30, and early repayment charges in the first two years of 2% and 1% respectively.
TML also recently reduced the standard BTL minimum loan requirement to £75,000 from £100,000, allowing more borrowers accessibility to the product range. The specialist lender said the changes aim to give borrowers greater flexibility and choice at a time when market uncertainty remains.
“The mortgage market and wider economy remains in a state of flux,” Steve Griffiths (pictured), sales director at The Mortgage Lender, remarked. “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.”