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Mortgage plc enters prime buy to let market

Mortgages plc, the UK lender and subsidiary of Merrill Lynch, has today entered the prime buy to let market by launching a range of products which includes prime buy to let and ‘house to let’ options.

Key features of the new range include the fact it is available up to 90 per cent LTV; it offers a wide choice of fixed, discounted and tracker rates over periods from 12 months to 3 years (fixed rates from 5.35 per cent); 2 &3 year fixed rate deals with no overhanging ERC’s; up to 500,000 per property and portfolios of 1.5 million; no higher lending charges; choice of arrangement charges, which can be added to the loan (along with fees); 120 per cent rental cover based on initial rate interest only basis; no rental calculation on ‘house to let’ product; overpayments allowed & mortgage term up to 30 years

Mortgages plc sales director Pete Thomson says: “Mortgages plc has operated in the non-conforming buy to let market for many years but this is our first venture into mainstream buy to let lending and as such is a milestone in our evolution as a specialist lender. By combining our specialist underwriting approach with meeting the needs of prime borrowers we have the potential to make a major impact in this sector.”


Proc and a hard place

The idea of lenders paying procuration fees on retained business was aired in public at the mortgage summit in Spain in June. Needless to say, the response from intermediaries was largely one of jubilation and I hardly thought it apt to disturb the euphoria at such an event, where brains were focused on driving business forward.

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