Specialist lender BM Solutions is entering the professional landlord buy-to-let market with a mortgage allowing each borrower to have up to 25 properties in their portfolio.
The 25 To Let product lets landlords borrow up to £2.5m on the maximum of 25 properties with a loan to value of 75 per cent or less on each property. There is no arrangement fee or early redemption charges.
It is available at 0.98 per cent over the Bank of England base rate, currently 4 per cent, for two years before reverting to 1.95 per cent over base for the life of the mortgage.
Previously, the maximum amount that could be borrowed through BM Solutions was £1m on no more than 10 properties.
The company says its latest move marks the start of an aggressive drive to target more experienced investors wanting to build up their portfolios.
It will be exclusively available through broker club Mortgage Intelligence which has members specialising in buy to let but a managed roll-out of the product through other distribution channels is planned.
The procuration fee is 0.5 per cent of the loan, with a minimum fee of £200 and maximum £500.
Head of mortgages Michael Bolton says: “We have had success in the buy-to-let market since our entry into the specialist mortgage market. This latest move, in partnership with Mortgage Intelligence, enables us to broaden our offering to meet the borrowing needs of the portfolio landlord.”
MI managing director Sally Laker says: “Mortgage Intelligence is delighted to launch such an attractive exclusive facility, particularly as many of our members specialise in the buy-to-let market.”
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