It will now lend up to £3m for an MUB property at 70% LTV and £2m for a new build property at 70% LTV.
The Mortgage Lender (TML) has increased its maximum loan amount for multi-unit block (MUBs) and new-builds, and removed its loan-to-value (LTV) restrictions on aggregate lending up to £5m.
It will now lend up to £3m for an MUB at 70% LTV and £2m for a new build property at 70% LTV.
It has also removed loan to value restrictions on aggregate lending with a maximum loan amount of £5m across the portfolio and increased the exposure limits on blocks of flats, where it will now consider lending on all units in a block of four compared to its previous limit of two.
Steve Griffiths, sales and product director at TML, said: “The latest changes to our buy-to-let range respond to a vibrant and competitive market where landlords are keen to add to their portfolios and diversify into property types and locations where they see an opportunity.
“By increasing our maximum loans and taking a portfolio view on risk we are able to provide lending options to support brokers and their landlords as they grow their businesses.”