The Mortgage Lender has increased its maximum loan amount for multi-unit blocks (MUB) and new build, and removed the loan to value restrictions on aggregate lending up to £5m.
It will now lend up to £3m for an MUB property at 70% loan to value and £2m for a new build property at 70% loan to value.
It has also removed loan to value restrictions on aggregate lending with a maximum loan amount of £5m across the portfolio and increased the exposure limits on blocks of flats, where it will now consider lending on all units in a block of four compared to its previous limit of two.
The criteria changes follow a re-price of its buy-to-let range earlier this month where it cut the cost of its five-year Limited Edition products and extended the range by adding houses of multiple occupation (HMO) and MUB to its Limited Edition proposition.
The five-year Limited Edition fixed rate at 75% loan to value for individual and Limited Company applicants was reduced from 3.31% to 3.2% and the new five-year fixed HMO/MUM product has an initial rate of 3.58% at 75% loan to value.
Limited Edition products are available to the whole of market for purchase and remortgage. They also offer a reduced completion fee of 1%, standard valuation fees and a £150 application fee.
Steve Griffiths (pictured), The Mortgage Lender sales and product director, said: “The latest changes to our buy-to-let range respond to a vibrant and competitive market where landlords are keen to add to their portfolios and diversify into property types and locations where they see an opportunity.
“By increasing our maximum loans and taking a portfolio view on risk we are able to provide lending options to support brokers and their landlords as they grow their businesses.”
