The lender has made a number of changes, including improved loan-to-value (LTV) bandings, the removal of higher lending charges on buy-to-let products and removing the need for rental assessments to have a valuer confirmation for loans under 75 per cent LTV.
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To coincide with the changes, it is also releasing a two-year fix, priced from 5.29 per cent, with no extended tie-ins.
Sharon O’Callaghan, head of sales at LMC, commented: “I am pleased to announce the latest enhancements to our products. The new range illustrates LMC’s commitment to offering competitive, good value products that are tailored to the needs of brokers in the specialist arena.
“In accordance with the changing demands of today’s market climate, we have increased our LTV bandings allowing more flexibility and choice. The new two-year fixed rates are beneficial to those looking for security while benefiting from a fixed rate with no extended tie-in.”
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Included in the LTV changes are ex-local authority flats, which now allow up to 75 per cent LTV, while the margins have been reduced for higher LTV discount products.
Also included in its range is a product where Individual Voluntary Arrangements (IVAs) must be ‘satisfactorily conducted’ rather than ‘satisfied’.
Jason Richardson, director of YooToo Financial Services, said: “The IVA option is a key selling point but the rental stuff isn’t great as a number of lenders are more competitive. I think LMC needs to be more aggressive as there are so many specialist providers out there now, which are more competitive.”
