The Mortgage Lender has added to its recently relaunched residential range by including Help to Buy mortgages in England and Wales.

TML, which was acquired by Shawbrook Bank last month for an undisclosed sum, says these products are available to the whole of the market across ‘real-life’ categories, one to six. It says these mortgages will have a maximum loan to value of 75 per cent, and include a free valuation.

The Bristol-registered lender adds, initial rates start at 3.77 per cent for a two-year fix at 75 per cent loan to value and 4.20 per cent for a five-year fix at the same loan to value.

These products are available to self-employed and complex income borrowers.

TML brought its new real-life residential range to the market last month.

The Help to Buy equity loan scheme, introduced by then chancellor George Osborne in 2013, offers borrowers a government-funded deposit of up to 20 per cent for homes in England and Wales, rising to 40 per cent in London.

The deposit, or equity loan, has no repayments for the first five years of the loan. The scheme is available to qualifying first-time buyers of new build properties where the developer is a registered Help to Buy home builder.

TML sales and product director Steve Griffiths says: “After relaunching our residential range a couple of weeks ago brokers said what they really need right now is Help to Buy products for people who have impaired credit, complex income or are self-employed.

Griffiths adds: “We’ve built a reputation as a lender that is able and willing to assess each borrower on their individual circumstances and that has never been more important than it is now given the impact the pandemic has had on people’s finances.”

PRIMIS Mortgage Network proposition director Vikki Jefferies says: “I am confident that today’s news will be met with open arms by brokers. Younger borrowers have been significantly impacted by the Covid-19 pandemic, and greater support for this community will be crucial to helping them achieve their financial milestones in the months and years to come.”

Jefferies adds: “Expanding into the Help to Buy market will further enable The Mortgage Lender to help advisers serve the demand from first-time buyers both during the pandemic and beyond – ensuring that for a growing number of non-traditional borrowers, financing is within reach.”

In November, the government has said changes to the Help to Buy due on 1 April 2021 will go ahead as planned and run until March 2023.

This new scheme will be for first-time buyers only and there will be regional caps in place for the value of homes.

Because of delays in the housing market caused by Covid-19, the government announced on 31 July there would be a two-month extension to the building completion deadline from 31 December 2020 to 28 February 2021. The legal completion deadline for the purchase remains 31 March 2021.