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The Mortgage Lender slashes fees on large buy-to-let loans

All buy-to-let loans above £500,000 are now offered by The Mortgage Lender with a reduced completion fee of 0.5%, and from 0.75% for loans exceeding £750,000.

The reduced fees are available for individual, limited company and HMO/MUB applications up to 75% loan-to-value (LTV). 

The Mortgage Lender’s rates currently start at 3.59% for a five-year fixed rate deal at 70% LTV. 

The lender resumed physical valuations in England in May and is offering desktop valuations for the majority of buy-to-let properties in Scotland and Wales.

The Mortgage Lender sales director Steve Griffiths commented: “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 has seen a reduction in lenders and products during the recent crisis.

“The reintroduction of physical valuations in England last month was the beginning of a return to normal and that trend will accelerate as brokers deal with pent up demand for refinancing options.

“Larger loans can present more complex scenarios so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.”

As the market returns to a more normal market with physical valuations now available, Danny Belton, head of lender relationships at Legal & General Mortgage Club, says that he is pleased to see lenders providing products that meet the needs of landlords who want to invest in this area of the market.

“At a time when income could be challenged, a reduction in fees is very welcome,” he said. 

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