Legal & General launches buy-to-let exclusive

Legal & General launches buy-to-let exclusive

Legal & General Mortgage Club has expanded its buy-to-let offering with a five-year fixed rate product available exclusively with The Mortgage Lender.

Starting from 4.05 per cent, the buy-to-let product is available up to 80 per cent loan-to-value and with a three-year early repayment charge.

The five-year product has a minimum loan value of £25,001, maximum term of 35 years and £150 application fee.

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: "We have a very strong relationship with The Mortgage Lender and we are excited to work with them to further build and support this proposition, bringing exclusive buy-to-let products to our key partners."

Mr Belton said whilst buy-to-let activity has declined in recent years following a layering of tax and regulatory changes, there is still purchase being written and with good volumes in remortgages.

He said: "As such, there is still a good opportunity for lenders to gain business in this sector and offer competitive deals for landlords.

"UK Finance forecasts that 2018 activity will only be fractionally lower than 2017, demonstrating that there is strong appetite in this vital sector."

Laura Sneddon, national account manager at The Mortgage Lender, said: "We are excited to offer these exclusive products to Legal & General Mortgage Club's key accounts.

"We are committed to support those in the buy-to-let sector, offering them greater flexibility and choice."

Dilpreet Bhagrath, mortgage expert at online mortgage broker Trussle, said buy-to-let can still be a good way to increase monthly income and the tax and regulatory changes should not put landlords off increasing a property portfolio.

She said: "When purchasing a buy-to-let, it is important to approach it with a business plan in mind and be aware of all restrictions and regulations associated with owning this type of property. 

"Firstly, speak to an accountant to understand the tax implications and stamp duty charges, especially if it is a second home, and ensure you are aware of the maintenance and running costs of the property."