The Mortgage Lender has brought a new ‘real-life’ residential range to the market.
It says that the purchase and remortgage products are aimed at the self-employed, contract workers, retired people, those with complex incomes, borrowers with credit blips and employed borrowers. Rates start at 3.27 per cent.
Self-employed income is assessed on salary and share of profit before tax for the most recent year while 50 per cent of regular overtime and bonus is used to assess employed income, adds TML.
The products are available at up to 85 per cent and rates depend on which ‘real-life band’ each borrower falls into, depending on their circumstance.
Highlights include the 85 per cent LTV two-year fix at 4.45 per cent for real-life band 1 borrowers and an 80 per cent LTV two-year fix for real-life band 4 and above starting at 4.59 per cent.
The application fee is £150 for all products and the valuation fee is dependent on the property value, TML says.
TML chief executive Peter Beaumont comments: “Our real-life criteria combined with competitive rates has been developed around customer needs in conjunction with our broker partners and benefits from being backed by a balance sheet lender.
“The residential relaunch comes on the back of record performance of our buy-to-let products throughout the pandemic and is down to the hard work of our team and our dedication to providing relevant products for applicants who are locked out of the high street.”
Legal & General Mortgage Club head of lender relationships Danny Belton adds: “There are a growing number of customers who are employed or self-employed, have complex income, or have a missed payment on file who would have still been considered good customers before the start of the coronavirus crisis. However, the lending options for these customers have been significantly curtailed in recent months.
“It is great to see lenders, such as The Mortgage Lender, helping to provide more choice to these people by offering high-quality products and underwriting to help this traditionally underserved part of the market.”
