The Lumi BTL product has no application fee, free valuation and the choice of free standard legals for remortgages or £500 cashback for remortgage and purchase.
It is a 75% loan-to-value (TV) 5-year fix rate at 3.89% for individual and limited company applicants, and 3.99% for HMO or multi-unit block (MUB) applicants.
Lumi products also benefit from a reduced completion fee of 1.25% for limited company and individual applicants and 1.75% for HMO or MUB applicants.
The initial rate for the 5-year fixed HMO BTL is 3.8% with a 0.5% reduction in the completion fee to 1.5% for remortgage or purchase.
Steve Griffiths (pictured), sales and product director of The Mortgage Lender, said: “Increased choice in the specialist buy to let sector is driving better deals for customers.
“Whether landlords are looking to raise capital to increase the size of their portfolios or for a competitive deal we’ve got the rates, criteria and customer service to help them achieve their goals.”
Bob Hunt, chief executive of Paradigm Mortgage Services, added: “We know from Paradigm members that their landlord clients continue to seek out the strongest yields, which is leading them to increasingly look at HMO and MUB properties.
“These exclusive products will support the work of our member firms who are active in the buy to let space particularly as we anticipate more landlord activity in the months ahead.”
