The Mortgage Lender has launched a new product range for borrowers who have missed payments on unsecured credit agreements.

The purchase and remortgage deals are available at up to 85 per cent loan-to-value.

The deals are open to borrowers who have been in arrears on up to two unsecured loans or other forms of credit within the past 24 months so long as they are now up to date with payments. 

Rates start on this “RLUA1” range start at 2.49 per cent for a two-year fix at 70 per cent LTV and 3.23 per cent for a five-year fix at 70 per cent LTV, both with a £995 fee.

The Mortgage Lender sales director Steve Griffiths said: “RLUA1 provides a different option to customers with unsecured arrears that might have been turned away from the high street or are thinking of restructuring their finances.

“This product reflects our commitment to real life lending by offering bespoke criteria and granular pricing based on individual circumstances, rather than categorising and pricing alongside applicants with more complex credit histories. 

“It is also indicative of our desire to understand and launch products that will add value to the market and provide greater choice for mortgage brokers and their clients.”