The Mortgage Lender (TML) has capped the maximum loan-to-value on its buy-to-let mortgages at 75% and increased rates across the range by 0.3%.
Rates now start at 3.39% for 70% LTV individual and Limited Company applications on a two-year fix. Houses of Multiple Occupation (HMO) and Multi-Unit Blocks (MUB) application rates start at 3.64% for a two-year fix at 70% LTV.
The five-year fixed rates for the same LTV are 3.65% for individual and Limited Company applications and 3.75% for HMO/MUB applications.
TML deputy chief executive Peter Beaumont said: “The changes to our buy-to-let products are in response to current market conditions and reflect our desire, along with that of our funder, to continue to provide real life lending products for landlords that work for real life as it is now.
“We have made significant progress towards implementing remote valuations and intend, in the next few weeks, to have an end-to-end remote app to offer to completion process in place that will provide our broker partners and their clients with a way of keeping things moving while the government’s social distancing requirements, affecting property valuations, remain in place.
“Alongside working hard to look after our people and adapt our buy-to-let products to meet the needs of brokers and their clients, we have been humbled by the resilience and support of our partners during this challenging period.”
