According to the lender, its maximum buy-to-let LTV has now been capped at 75% and rates increased across the range by 0.3%.
Two-year fixed rates now start at 3.39% for 70% LTV individual and limited company applications. HMO and multi-unit block application rates start at 3.64% up to 70% LTV.
Five-year fixed rates are now available at 3.65% for individual and limited company applications and 3.75% for HMO/MUB applications up to 70% LTV.
Peter Beaumont, deputy chief executive at The Mortgage Lender, comments on the changes: “The changes to our buy-to-let products are in response to current market conditions and reflect our desire, along with that of our funder, to continue to provide real-life lending products for landlords that work for real life as it is now.
“We have made significant progress towards implementing remote valuations and intend, in the next few weeks, to have an end to end remote app to offer to completion process in place that will provide our broker partners and their clients with a way of keeping things moving while the government’s social distancing requirements, affecting property valuations, remain in place.
“Alongside working hard to look after our people and adapt our buy to let products to meet the needs of brokers and their clients, we have been humbled by the resilience and support of our partners during this challenging period.”
