TML and Leeds Building Society revise product offerings

The Mortgage Lender (TML) and Leeds Building Society have made changes across their specialist finance product suites.


TML has cut rates across some of its BTL products.

The specialist lender has repriced its five-year fixed-rate fee saver options at 75% LTV, which are now available at 3.44% for standard properties with no completion fee and 3.55% with a 0.75% fee for HMOs.

Both products come with a free valuation, and customers who are remortgaging can choose to receive cashback or free standard legal services.

Rates have also been reduced for the lender’s five-year fixed-fee product, with the 75% LTV option now offered at 3.24% with a completion fee of £2,495.

Steve Griffiths, sales director at TML, said: “With the products we have announced today our borrowers — whether buying or remortgaging — have access to a competitive rate for five years alongside attractive incentives, allowing them to make decisions quickly, access capital for future investments and lock in rates now ahead of any potential movements on the Bank of England’s base rate.

“It is a competitive market, and the reprice reflects our continued desire to offer brokers innovative solutions for their cases.”

Leeds Building Society

Leeds Building Society has returned to HMO lending with new options for small and large shared houses.

The new offering includes a two-year fixed-rate product at up to 60% LTV for small HMOs, available at 3.27%, and a two-year fixed-rate option for large HMOs available at up to 75% LTV, priced at 3.60%.

Both options come with a £999 product fee and a free standard valuation.

Leeds Building Society defines an HMO as an entire property, house or flat which is let to three or more tenants who form two or more households and who share a kitchen, bathroom or toilet.

A small HMO can have up to and including six occupants and a large HMO more than six occupants.

Matt Bartle, director of products at Leeds Building Society, said: “We’re pleased to be able to announce our return to HMO lending as we continue to seek ways to support landlords in the evolving BTL market. 

“As we start to move forward following the pandemic, we’re starting to see more students back at university or applying for courses in our university towns and cities, which may be of interest to those landlords seeking new opportunities.

“Our range of products and lending criteria is under constant review and it’s important to us to work closely with our broker partners to be able to assist borrowers who are not well served by the wider market.

“We also recognise that a healthy housing market needs a mix of tenures, including homes to rent.”

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