The milestone has been reached as the lender celebrated the fourth anniversary of its launch. And, it said the performance had come on the back of multiple enhancements to its range and its Lumi product which has no application, valuation or telegraphic transfer fees.

Peter Beaumont, chief executive of The Mortgage Lender (pictured above), said: “Despite the challenges the pandemic has presented we recorded our best ever month for buy-to-let applications in June and July has also started strongly.

“This is due in large part to our ability to tweak areas of our product portfolio throughout the crisis because we have the backing of a strong funder in Shawbrook Bank.

“We’re delighted our broker partners feel these changes add value for landlords and provide what they are looking for in a lender right now, which has enabled them to support us in record numbers throughout the pandemic.”

Lumi

The buy-to-let Lumi product offers £500 cashback for purchases or remortgages, or free standard legals for remortgages.

Rates for the Lumi product start at 3.74% for a two-year fix at 70% loan-to-value for standard buy-to-let and 3.99% for houses of multiple occupation (HMO) and multi-unit blocks (MUB).

In addition to the Lumi product it has reduced completion fees on buy-to-let loans above £500,000 to 0.5% and 0.75% for loans over £750,000.

It has also abolished multiple application fees and reduced its completion fee on portfolio applications from 1.5% to 1.25%.

And it has reintroduced physical valuations for buy-to-let applications, including HMO/MUB, in England, Scotland and Wales.

Beaumont added: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which saw a reduction in lenders and products at the beginning of the crisis.

“And the changes for portfolio landlords make it more cost effective for investors to submit multiple applications at a time when access to funding options will be crucial in helping landlords restructure and manage their portfolios.”