L&G partners with Octane Capital to offer exclusive fee discounts

Legal & General Mortgage Club has entered into a partnership with Octane Capital.

Advisers placing business with Octane Capital via Legal & General Mortgage Club will benefit from exclusive discounted fees across a range of buy-to-let (BTL) mortgages.

Through Legal & General Mortgage Club, advisers now benefit from a reduced arrangement fee of 1.75% (down from 2.5%) and a procuration fee of 0.8%.

The range of products allow for foreign nationals, first-time landlords, expats and applicants with adverse credit.

Rates begin at 4.99% per annum and have maximum loan-to-value (LTV) limits of between 75% and 65%, depending on the specific product.

Octane Capital will also lend on properties ranging in value, with a minimum property value of £200,000 rising to £5m and the loans are suited to those seeking lending on a house in multiple occupation (HMO) or multi-unit freehold block (MUFB).

Danny Belton, head of lender relationships of Legal & General Mortgage Club, said: “Through a common-sense approach to lending, Octane Capital has helped many to start and grow their buy-to-let portfolios and we expect that our adviser community will greatly benefit from the exclusive rates we are offering in conjunction with the lender.

"Its ability to help a wide range of applicants, including those with credit impairments also make it a relevant and timely provider in the post-COVID climate."

Mark Posniak, managing director of Octane Capital, added: “We expect these competitive rates to suit a wide range of borrowers, however, a clear focus of our is in helping borrowers who have found PRA stress tests an obstacle to their property investment ambitions.

"By removing the need to stress test and instead requiring 100% rental cover, we are opening the door to yet more aspiring buy-to-let landlords in a creative but responsible way.

"We look forward to continuing to work closely with Legal & General Mortgage Club and its advisers."