Buy-to-letAug 14 2020

Lender increases LTV on remortgages

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Lender increases LTV on remortgages
Simon Dawson/Bloomberg

The Mortgage Lender has increased its loan-to-value from 65 to 75 per cent for capital raising landlords.

The increased LTV applies to all of the lender’s remortgage products, with rates starting at 3.13 per cent and 3.49 per cent on its two- and five-year fixed products respectively.

Steve Griffiths, sales director at The Mortgage Lender, said: “We’ve been working hard to support brokers and their buy-to-let clients throughout the pandemic.

"Recent process enhancements and increased resource in our new business teams has allowed us to increase capacity to support this key area, as it is clear that, for most landlords, their plans have not changed, indeed many see it as an opportunity to add properties to their portfolios.

“Whether capital raising is for business investment, to buy a new property, improve an existing property or refinancing, it’s important we have the right combination of criteria and rates to support their plans."

Doug Hall, director at mortgage packager and distributor 3mc, commented: “It’s encouraging to see The Mortgage Lender responding to this competitive segment of the market by increasing its capital raising loan to value.

“They are also very good at assessing borrowers on an individual basis rather than having a broad-brush approach to criteria and underwriting, which is vitally important as we navigate our way through the impact of the last six months on landlords.”