Lender wants to serve more customers in the specialist lending space
The Mortgage Lender (TML) has announced a restructure to its residential products and criteria – a move that is expected to help more customers in the specialist lending space.
The restructure means that customers with historic credit impairment may be able to access products that have higher loan-to-values (LTVs) than previously available. It will also improve adverse credit recency for small county court judgments (CCJs), defaults, and missed payments on secured and unsecured credit, and remove its minimum credit score requirement on its RL0 product.
Aside from changes to its credit criteria, TML is also reducing its residential revert margin for new residential loans to 3% above the TML residential base rate, which combined with its recent reduction in stress rates will improve affordability on two-year fixed products.
Full details on the lender’s residential products can be accessed online.
“We strive to support and offer innovative solutions to those who may have credit blips or a more adverse credit history, and our recent restructure sets out to achieve just that,” commented Steve Griffiths (pictured), chief commercial officer at The Mortgage Lender.
“In addition, the current environment of high interest rates and high inflation means that customers need to maximise their affordability in order to support their homeownership goals.”
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