According to the lender, the Lumi buy to let product has no application fee, free valuation and the choice of free standard legals for remortgages, or £500 cashback for remortgage and purchase. The Lumi five-year fixed rate is 3.89% at 75% loan to value for individual and Ltd Company applicants and 3.99% for HMO/MUB applicants.
Lumi products also benefit from a reduced completion fee of 1.25% for Ltd Company and individual applicants and 1.75% for HMO/MUB applicants.
The initial rate for the five-year fixed HMO buy to let is 3.8% with a 0.5% reduction in the completion fee to 1.5% for remortgage or purchase.
Steve Griffiths, The Mortgage Lender sales and product director, said: “Increased choice in the specialist buy to let sector is driving better deals for customers. Whether landlords are looking to raise capital to increase the size of their portfolios or for a competitive deal we’ve got the rates, criteria and customer service to help them achieve their goals.”
Bob Hunt, Paradigm Mortgage Services’ chief executive, adds: “We know from Paradigm members that their landlord clients continue to seek out the strongest yields, which is leading them to increasingly look at HMO and MUB properties. These exclusive products will support the work of our member firms who are active in the buy to let space particularly as we anticipate more landlord activity in the months ahead.”
