Mortgage brokers commence pilot for new buy-to-let lender
16 April 2015
Mortgages for Business, a UK-wide brokerage, has initiated an exclusive three-week pilot for new buy-to-let lender Axis Bank.
The pilot, designed to make sure that Axis provides a positive experience for brokers, will last until 27 April when the bank opens its doors to lending via a restricted panel of specialist intermediaries.
With both a standard and specialist range to appeal to experienced landlords, the rates begin at 3.79% for a 2-year fixed rate to 75% LTV with a fee of 1.5%.
“We’ve been working closely with Axis in the run up to launch and I must say I’m very impressed with its new online submission platform,” Steve Olejnik, sales director at Mortgages for Business, commented.
“It’s easy to use and should help to make application processing pretty smooth. In addition to standard buy to lets, it has been designed to handle more complex propositions including limited companies and HMOs.”
Olejnik added: “The decision-making process will be quick and pragmatic too with all cases being assessed and negotiated individually. I think that brokers are going to be impressed with the attention to detail and level of customer service.”
Even though rates are competitively priced, it’s expected to be Axis Bank’s criteria that will really lure in brokers and investors. This includes no minimum income requirements, loans up to £1m, unlimited number of mortgaged properties with other lenders, lending to limited companies and expat landlords, HMOs up to six beds, and multi-unit freeholds up to five units.