There has been a surge in demand for buy-to-let mortgage applications over the past few weeks, according to The Mortgage Lender (TML).
The lender received £100m worth of applications from property investors last month, as buy-to-let consolidates itself as the investment of choice for many people.
Peter Beaumont, TML chief executive, commented: “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.”
TML says that it has hit £1bn in buy-to-let applications since the four years it has launched.
Multiple enhancements to its range and its Lumi product which has no application, valuation or telegraphic transfer fees, have helped the lender hit the milestone.
Beaumont added: “This [£1bn milestobe] 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.”