The Mortgage Lender launches semi-exclusive HMO and Lumi BTL productsTuesday, April 27, 2021
TML has introduced a five-year fixed HMO buy to let rate and Lumi-branded products for Ltd Company, individual and HMO/MUB applicants with semi-exclusive distribution through selected mortgage clubs and networks.
The Lumi buy to let product has no application fee, free valuation and the choice of free standard legals for remortgages, or £500 cashback for remortgage and purchase. The Lumi five-year fixed rate is 3.89 per cent at 75 per cent loan to value for individual and Ltd Company applicants and 3.99 per cent for HMO/MUB applicants.
Lumi products also benefit from a reduced completion fee of 1.25 per cent for Ltd Company and individual applicants and 1.75 per cent for HMO/MUB applicants.
The initial rate for the five-year fixed HMO buy to let is 3.8 per cent with a 0.5 per cent reduction in the completion fee to 1.5 per cent for remortgage or purchase.
The Mortgage Lender sales and product director Steve Griffiths said: “Increased choice in the specialist buy to let sector is driving better deals for customers. Whether landlords are looking to raise capital to increase the size of their portfolios or for a competitive deal we’ve got the rates, criteria and customer service to help them achieve their goals.”
Paradigm Mortgage Services’ chief executive Bob Hunt said: “We know from Paradigm members that their landlord clients continue to seek out the strongest yields, which is leading them to increasingly look at HMO and MUB properties. These exclusive products will support the work of our member firms who are active in the buy to let space – particularly as we anticipate more landlord activity in the months ahead.”
The Mortgage Lender is an intermediary-only mortgage lender that provides specialist residential and buy to let products powered by Shawbrook Bank.
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