The Mortgage Lender has announced that it has hit £1bn in buy-to-let applications since the four years it has launched.
Physical valuations for buy-to-let, including HMO/MUB, in England, Scotland and Wales have returned recently at the firm and a record £100m worth of applications during June have both helped the lender hit the milestone.
The lender also cut completion fees on BTL loans above £500k to 0.5% and 0.75% for loans over £750,000.
TML also scraped multiple application fees and reduced its completion fee on portfolio applications from 1.5% to 1.25%. Landlords can submit multiple applications within a six-month period from the first application without incurring additional application fees.
TML’s Lumi product has no application, valuation or telegraphic transfer fees and offers £500 cashback for purchases or remortgages, or free standard legals for remortgages.
Rates for the Lumi product start at 3.74% for a two-year fix at 70% LTV for standard buy-to-let and 3.99% for HMO and multi-unit blocks.
Peter Beaumont, chief executive at The Mortgage Lender said, “Despite the challenges the pandemic has presented we recorded our best ever month for buy-to-let applications in June and July has also started strongly.
“This is due in large part to our ability to tweak areas of our product portfolio throughout the crisis because we have the backing of a strong funder in Shawbrook Bank.
“We’re delighted our broker partners feel these changes add value for landlords and provide what they are looking for in a lender right now, which has enabled them to support us in record numbers throughout the pandemic.
“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 saw a reduction in lenders and products at the beginning of the crisis.
“And the changes for portfolio landlords make it more cost effective for investors to submit multiple applications at a time when access to funding options will be crucial in helping landlords restructure and manage their portfolios.”