NLA launches buy-to-let mortgage brokerage

Permalink: NLA launches buy-to-let mortgage brokerage
by Gill Montia

The National Landlords’ Association (NLA) has launched NLA mortgages, a new service for private landlords.

The brokerage will cater for property investors buffeted by the recent shrinkage of the buy-to-let lending market and landlords looking to expand their portfolios or remortgage will be able to obtain quotes from the NLA’s panel of lenders.

According to the Association, some of the loans on offer may not be available in the general marketplace.

In addition, members will receive a minimum 0.25% of the loan advance as cashback, upon completion of the transaction.

A landlord taking out a buy-to-let mortgage of £250,000 would receive £625 cashback but for NLA members remortgage five or more properties at the same time, cashback incrreases to 0.275% of the loan value, so that a remortgage portfolio of £2 million would provide an offering of £5,500.

The cashback offer has been made possible because NLA has pledged to share the commission received for arranging a loan with the client.

A mortgage support team is available online or by telephone and membership of the NLA costs £88 for one year.