This BTL mortgage range is only available through a select group of packagers
Mortgage packager and distributor Impact Specialist Finance has announced the launch of a brand-new buy-to-let mortgage range by specialist lender MT Finance.
The products include a 125% income coverage ratio, they are available to first-time buyers and also allow up to four applicants. Available up to 80% LTV, five-year fixed rates start at 4.99% and individuals, corporate borrowers including limited companies, and expat borrowers are accepted.
In addition, houses in multiple occupation and multi-unit freehold blocks are allowed up to 10 bedrooms or units, plus the range also accepts holiday lets and ex-local authority properties. It is, however, only available through a select group of packagers, which includes Impact Specialist Finance.
“Our relationship with MT Finance spans many years and so we are delighted to have been chosen as one of the initial band of businesses to launch their buy-to-let proposition to market,” Dale Jannels (pictured), managing director at Impact Specialist Finance, commented. “Despite the challenging economic outlook, it’s great to see lenders such as MT Finance provide yet more choice for brokers and their property investor clients.”
Marylen Edwards, head of BTL lending at MT Finance, said they have launched into the BTL market with the intention to cover areas of criteria where they feel there was a niche among their peers.
“For example, our 125% income ratio cover across the board allows more flexibility on borrowing for clients,” Edwards explained. “We are also able to review cases as they are submitted. In a market where there is some strain on SLAs, we have just offered on a case seven working days after submission of the application.”
MT Finance specialises in bridging loans and auction finance, but has recently entered buy-to-let lending.
