The real-life lender’s new BTL product consists of a two-year BBR tracker 75% LTV, which tracks BBR +1.86% (initial rate currently 4.86%), reverting to BBR +4.96% after the first 2 years. It has an app fee of £150, a completion fee of 2.00%, and TT fee of £30 and Early Repayment Charge in the first 2 years of 2% and 1% respectively.
TML also recently reduced the standard BTL minimum loan requirements to £75,000 from £100,000, allowing more borrowers accessibility to the product range. The changes aim to give borrowers greater flexibility and choice at a time when market uncertainty remains.
Steve Griffiths, Sales Director at The Mortgage Lender, comments: “The mortgage market and wider economy remains in a state of flux. 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.”
