The Mortgage Lender enhances BTL criteria

Intermediary-only mortgage lender, The Mortgage Lender, has announced that it has increased its overall lending threshold from £2.5m to £5.0m and removed the cap on the number of portfolio properties it will lend on.

Related topics:  Landlords
Warren Lewis
27th January 2020
To Let 690

In addition to this, the maximum loan for individual properties has been increased from £2m to £3m and the lender will now accept refinance applications within six months of the initial purchase.

The newly revealed enhancements are in response to broker feedback from distribution partners and directly authorised brokers and are available to the whole of the market immediately. The firm has also announced that it will now accept BTL applications for properties on Anglesey and the Isle of Wight and lend on HMOs that are leasehold flats.

Steve Griffiths, The Mortgage Lender sales director, said: “The criteria enhancements reflect what our broker partners have told us is important for them and their clients. It is only by having close relationships and being involved in the conversations about borrowers and properties that fall outside normal lending criteria that we are able to respond in this way and change how we operate to better meet the needs of brokers and their clients.

“We will continue to listen to our broker partners and make changes to our criteria and products to help more investors finance their BTL portfolios.”

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