Commercial mortgages 'can be searched for free'

A new service enables buy-to-let commercial mortgage borrowers search for loans.

The National Landlords Association (NLA) is publicising its free service that lets landlords search for remortage or mortgage deals to suit them.

And for every mortgage placed through the service, members receive 0.25 per cent of the loan advance as cashback upon deal completion.

For instance, a mortgage of £250,000 could see buy-to-let commercial mortgage borrowers receive £625 in cashback.

Those looking to remortgage five or more properties at once are guaranteed cashback of 0.275 of their loan's value.

David Salusbury, chairman of the NLA, pointed out that the product was a response to the "around 80 per cent of NLA members either expecting to expand their lettings portfolio or maintain current levels over the next few years".

Mortgage Business Expo is running a commercial mortgage event at Manchester's G-MEX on May 14th and 15th.