Specialist buy-to-let lender ModaMortgages has expanded its criteria to allow day one remortgages for landlords exiting bridging finance.

The enhancement applies across both the lender’s core and limited edition buy-to-let product ranges. As part of the update, ModaMortgages will also consider applications for capital raising, provided there is sufficient equity in the property.

The lender is offering loan amounts from £25,000 up to £2 million, with maximum loan-to-value ratios of 80%. The announcement follows a series of recent changes, including an increase in the lender’s maximum LTV and the introduction of £0 and 3% product fee options within its limited edition offering.

Products are available to a broad spectrum of landlord profiles, including individuals, limited companies, first-time buyers and first-time landlords, as well as those with both small and large portfolios.

Darrell Walker (pictured), group sales director at ModaMortgages, said: “As the home of smarter, faster, simpler buy to let borrowing, we’re excited to announce this latest criteria enhancement which offers brokers even more ways to support their clients.

“This could be perfect for landlords who purchased a property via a bridging loan for the purpose of letting it out and have enhanced or improved it which has increased its value and are now looking to exit onto a longer-term buy to let mortgage. It could also be ideal for those who need to raise capital quickly for other purposes, such as purchasing another investment property.”