It also raises the maximum loan size
The Mortgage Lender (TML) has expanded its residential product range, adding new large loan deals and an interest-only proposition to provide more mortgage options and greater flexibility by increasing their maximum loan size to £1.25 million.
The lender’s newly introduced large loan products cater to loans up to £1 million at 80% loan-to-value (LTV) and up to £1.25 million for a 75% LTV ratio. These offerings fall under TML’s RL0 and RL1 large loan product ranges.
TML has also adjusted its loan-to-income (LTI) ratio, now permitting up to five times the income for loans exceeding £1 million on a repayment basis, subject to affordability assessments.
The interest-only option is integrated across the large loan products for amounts exceeding £500,000 at up to 75% LTV. A combination of repayment and interest-only payments is also feasible at up to 85% LTV.
Accepted repayment strategies for these loans include the sale of the mortgaged property, equity from other UK properties owned by the borrower, and the current value of savings and investments, each subject to specific conditions.
TML, which recently launched a shared ownership proposition, said the new large loan and interest-only products are available for both purchase and remortgage.
“We are pleased to bring to market these larger loan products, as well as the option for customers to have some or all of the loan on interest only if that best suits their needs and lifestyle,” said Steve Griffiths (pictured), chief commercial officer at The Mortgage Lender. “We’ve worked closely with our intermediary and distribution partners in developing our large loan and interest-only proposition.
“Our aim is to offer flexibility of choice with how customers choose to repay their mortgage depending on the circumstances and, while every customer’s situation is different, we have a range of tailored options that can help meet the needs of many.
“With house prices expected to return to rising after the reductions seen last year, and affordability continuing to provide challenges for customers and brokers alike, it’s more important than ever to speak to an advisor to understand how best to maximise borrowing potential for the self-employed or those with complex income structures. And that is why we are committed to helping brokers and their clients with solutions that meet their individual needs.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
