Mortgage Lenders (TML) has introduced the product to its Purchase Volume (BTL) range, updated its first landlord standards, and repositioned many BTL and residential products.
TML has launched 80% loan-to-value (LTV) products for BTL customers, while also increasing its first-time landlord standard for its maximum loan amount from £350,000 to £500,000.
Lenders also lowered their BTL and residential-wide interest rates. The selected rates for its BTL range have been reduced by 0.05%.
These include a five-year 75% LTV fee range up to £500,000, five-year 75% LTV percentage fee ranges 2.00%, 3.00% and 5.00% and 5-year 75% LTV Multi Loan 2.00% fees.
It also reduces the cost of 5-year 75% for LTV limited edition multi-loans 5.00% for the fee variant and 5-year 75% for the cost savings buyers, only for purchases and redemption.
TML re-launched its two-year fixed-rate limited edition 75% LTV product for BTL. This includes its 5.00% fee variant at a rate of 3.79%, and its 3.00% fee variant at a rate of 4.79%.
The lender’s selection of products has also been reduced within its residential range, including its RL1 two-year and five-year fixed products cut by up to 0.10% and 0.05%, respectively.
Chris Kirby, head of sales at TML, said: “The rental market is an important part of the UK’s economic and social landscape and as lenders who understand BTL, we hope to continue to support this as much as possible.”
“The real estate market, especially for BTL, is more complex than ever and will continue to evolve as further changes in governments such as energy efficiency ratings and enhanced tenant protections will become law and have been implemented.”
