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The Mortgage Lender refresh entire product range

Posted: 21/02/2018

The Mortgage Lender have simplified their entire product range, reducing the number of product tiers to just three and removing product cascading based on credit score. The latter has resulted in rates for near prime customers being greatly improved.

Here’s a quick overview of the changes:

  • Prime rates from 2.79% up to 70% LTV and 3.59% up to 85% LTV
  • Near prime rates from 3.79%, allows CCJs < £1,000 in the last 36 months and 4 unsecured arrears in the last 24 months
  • Heavy adverse rates from 5.29%, allows up to 6 unsecured arrears in the last 24 months and CCJs up to £1500 in the last 12 months
  • No product cascading based on credit score
  • Lender fee can be added to the mortgage without effecting LTV
  • First time buyer mortgages up to 85% LTV
  • New build mortgages up to 85% LTV.  A 5% builder gifted deposit/ incentive accepted up to 85% LTV

The Mortgage Lender specialise in helping customers with complex incomes:

Employed

  • 100% of salary
  • 100% of income from a second job
  • 50% of overtime/ commission/ bonus
  • 50% of maintenance payments

Retired customers

  • Lending available up to age 80
  • TML will use 100% of private pension and state pension income

Contract workers

  • Contract workers need to have completed 6 months of their current contract and have 6 months of contract still to run (does not need to be with the same employer)
  • New contractors considered as long as they have been contracting for a minimum of 3 months
  • Income calculation of up to weekly rate x 48

Self-employed

  • Minimum of one year’s accounts
  • Limited companies can include retained profits and dividends in their income calculation
  • Partnerships can also include retained profits in their income calculation
  • Unusual employment types considered e.g. vloggers

Here to help

For help placing a complex case, call our Specialist Lending & Protection Team on 01702 538 800 or arrange a call back.