The Mortgage Lender has launched a new buy-to-let tracker product for landlords.

It said the new mortgage ‘provides greater choice for borrowers in the current market’.

The buy-to-let mortgage is a two-year tracker rate at 4.86%, which is Bank Base Rate plus 1.86 percentage points.

After two years it reverts to Bank Base Rate plus 4.96 percentage points, which would be 7.96% based on the current Bank Base Rate.

It is available up to 75 per cent of the property’s value and has an application fee of £150 and a completion fee of 2% of the mortgage.

The mortgage comes with Early Repayment Charges in the first year at 2% and the second year at 1%.

More accessible to more landlords

The Mortgage Lender recently reduced its standard buy-to-let minimum loan requirements to £75,000 from £100,000, allowing more borrowers accessibility to the product range.

Steve Griffiths, sales director, said: “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.”