The Mortgage Lender has launched a new buy-to-let tracker product, which it says “provides greater choice for borrowers in the current market”. 

Its new two-year bank base rate tracker at 75% LTV, tracks BBR +1.86% (initial rate currently 4.86%), reverting to BBR +4.96% after the first two years.  

The loan carries an application fee of £150, a completion fee of 2.00%, a telegraphic transfer fee of £30, and early repayment charge in the first two years of 2% and 1%, respectively. 

The lender also recently reduced the standard BTL minimum loan requirements to £75,000 from £100,000, which it says are part of “changes that aim to give borrowers greater flexibility and choice at a time when market uncertainty remains”. 

The moves come after chancellor Jeremy Hunt calmed international debt markets last month, by largely reversing former chancellor Kwasi Kwarteng’s tax-cutting mini-budget in September, which saw the number of products on the market fall sharply while remaining loan prices spiked.     

The Mortgage Lender sales director Steve Griffiths says: “The mortgage market and wider economy remains in a state of flux. In response, our new product has been developed with the aim of providing a greater choice of alternative products for borrowers to suit their needs and provide a level of flexibility as they seek financing options at this time.  

“This product range highlights our efforts to provide real-life lending solutions to brokers and borrowers, whether remortgaging or financing for the first time.”