The Mortgage Lender has announced it has launched a new residential product aimed at supporting the self employed and borrowers with complex incomes.
KSP’s:
- A new product that is catered for those with complex incomes or those who are self-employed
- TML use share of profit before tax plus salary for affordability
- Tml consider using 2019/20 accounts where the most recent accounts have been impacted by Covid if their last 3 months business bank statements show a return to a similar level of turnover (speak to a BDM before submitting an application)
- And TML consider applicants with just three months of contracting (with 12 months previous employment in a similar role)
Quote from Steve Griffiths, Sales & Product Director;
“The self-employed and those with untraditional income streams are becoming more and more common in the UK- but the lending industry has failed to adapt as quickly to this trend. Our new RL0 product range will offer competitive pricing for borrowers that don’t have adverse credit history but do have complex incomes. We are pleased to be supporting these customers by taking a RealLife approach to affordability such as using pre covid accounts where appropriate, as well as 100% of bonus and overtime for employed borrowers.”
Find out more about the RL0 mortgage by downloading the updated Residential Product Guide for November 2021 and the Residential Criteria for November 2021
