Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Shawbrook and TML Enhance Buy-to-Let Product Ranges and Lower Rates
Shawbrook and The Mortgage Lender (TML) have announced enhancements to their buy-to-let (BTL) propositions, including new product launches and rate reductions across selected products. These changes include a new limited-edition product from TML and lower rates for both lenders’ BTL offerings.
TML has introduced a limited edition five-year fixed rate product, with rates starting from 4.74%. This product is available with either a 2% or 5% completion fee and includes a free valuation. TML has also reduced rates by up to 15 basis points on selected two-year and five-year fixed products. Five-year fixed rates for houses in multiple occupation (HMO) now start from 5.06%.
Shawbrook has reduced rates by up to 25 basis points across selected specialist BTL products. For single lets between £150,000 and £2.5 million, rates now start from 4.84%. For HMO and multi-unit freehold block (MUFB) products of up to 10 units, rates now start from 4.89%.
TML has also made enhancements to its multi-loan offering and removed the £150 application fee across all ex-pat products.
These changes may be relevant to letting agents and inventory clerks who work with landlords seeking new or more competitive BTL mortgage options, particularly for HMOs and multi-unit properties.
Source: Mortgage Strategy