The Mortgage Lender has increased its loan-to-value (LTV) from 65% to 75% on all buy-to-let (BTL) remortgage products.
The rise means there are no limits on the amount of capital a landlord is able to raise in England, Scotland and Wales through a remortgage up to 75% LTV.
The facility is available across The Mortgage Lender’s core product range; rates for a 5-year fix start at 3.49%, and for 2-year fixed rate products at 3.13%.
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Steve Griffiths (pictured), sales director at The Mortgage Lender, said: “We’ve been working hard to support brokers and their buy to let clients throughout the pandemic.
“Recent process enhancements and increased resource in our new business teams has allowed us to increase capacity to support this key area, as it is clear that, for most landlords, their plans have not changed, indeed many see it as an opportunity to add properties to their portfolios.
“Whether capital raising is for business investment, to buy a new property, improve an existing property or refinancing, it’s important we have the right combination of criteria and rates to support their plans.
“Increasing the capital raising loan-to-value to 75% demonstrates our ability to react to market conditions and is the right decision for us, brokers and landlords right now.”
Doug Hall, director at 3mc, said: “It’s encouraging to see The Mortgage Lender responding to this competitive segment of the market by increasing its capital raising loan to value.
“They are also very good at assessing borrowers on an individual basis rather than having a broad-brush approach to criteria and underwriting, which is vitally important as we navigate our way through the impact of the last six months on landlords.”