Magellan Homeloans has extended its range of products with the launch of new buy-to-let mortgages.
The new BTL mortgage products, which are initially only available through a limited selection of UK intermediaries, are tailored for individuals and limited companies, with up to four applicants/shareholders, covering a wide range of properties including shared houses, studio flats, new build property, HMOs and multi-units.
Magellan is also offering joint landlords with different tax rate a bespoke Income Cover Ratio (ICR) test, starting at 125%.
The lender’s buy-to-let product range offers two- and five-year fixed rates plus trackers, with rates starting from 2.69%.
There are no Early Repayment Charges for the five-year product.
The lender has also developed a ‘buy-to-let guarantor’ option, which enables experienced landlords to support first-time landlords such as spouses or dependants get into property investment and inexperienced landlords invest in alternative types of property, without having the tax liability that comes with being a joint owner.
Simon Read, Magellan’s managing director, said: “We believe that being a landlord in today’s housing market is complicated enough – getting a mortgage shouldn’t be. We’ve been developing our buy-to-let products over quite some time which has enabled us to really take account of the changing requirements and demands placed on landlords.
“It’s important to remember that what’s key for today’s landlord is how to maximise their profitability within the current tax and regulatory frameworks. We’ve designed our buy-to-let mortgages in ways that help them achieve this within a simplified process.
“We have built a dedicated buy-to-let team who average almost a decade’s worth of experience in this sector. We’re passionate about this market, and believe we have a range of mortgages designed for landlords, by landlords.
“We’re excited to be working with our selected intermediaries for the launch phase which will allow us to monitor these products and learn from their feedback. All of which will be used to support the plans to expand this range which are already in development.”