The reduced charges will apply to individual, limited company and HMO applications up to 75% LTV
The Mortgage Lender has reduced the completion fees on buy-to-let loans above £500k to 0.5% and 0.75% for credits over £750k.
The reduced fees apply to individual, limited company, and HMO/MUB applications up to 75% loan-to-value (LTV).
Rates start at 3.59% for a 5-year fix at 70% LTV.
Steve Griffiths, sales director at The Mortgage Lender, said: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis”.
The reintroduction of physical valuations in England last month was the beginning of a return to normal, and that trend will accelerate as brokers deal with pent up demand for refinancing options.
Steve said, larger loans can present more complex scenarios, so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.
The UK lender resumed physical valuations in England in May and it is now offering desktop valuations for the majority of BTL properties in Scotland and Wales. Physical valuations were not allowed in the property sector during the past two months due to the coronavirus crisis.
Danny Belton, head of lender relationships at Legal & General Mortgage Club added, as we start to return to a more normal market with physical valuations now available, it’s great to see lenders providing products that meet the needs of landlords who want to invest in this area of the market.
At a time when income could be challenged, a reduction in fees is very welcome.