The Mortgage Lender has enhanced its residential proposition increasing the number of products available from 3 to 7.

  • 90% LTV available via Legal & General and selected packager partners
  • Increase of joint income multiple from 4x to 4.5x
  • Self-employed trading 1 year now available up to 85% LTV. 2 years + trading now available up to 90% LTV
  • CCJ’s and defaults now assessed as number of rather than monetary amount
  • £750 Cashback product available with no application fee and refund of valuation fee

What’s been removed?

  • With effect from COB Tuesday 16th October our current residential products will be withdrawn and replaced with a completely new range.
  • TML 1, 2 and 3 will no longer be available.  This applies to all variations including whole of market cashback, our Club/Network semi exclusive, Premier Panel semi exclusives and L&G exclusive.
  • Our tracker products will be withdrawn completely.

What’s new?

  • We have launched a new range of 2 and 5 year fixed rates, with a number of beneficial changes. These products will be live from 17th October.
  • There will now be seven ‘Real Life’ product tiers… RL1-7.  Expanding our range to 7 tiers allows us to more accurately price for the individual customer circumstances.  These will be available to our whole of market audience, along with a cashback range of rates.
  • We have reintroduced our application fee of £150 on a product specific basis.

Criteria changes

We have made a number of improvements to our criteria. The highlights are:

  • Maximum joint income multiple now 4.5x, was previously 4x.  We use a full affordability based model but are often asked for income multiples for reference.  Other factors may impact the maximum amount an applicant can borrow.  Our single applicant income multiple remains at 4.5x income.
  • Self employed with 1 years trading – we can now consider these applications up to 85% LTV (was previously 80% LTV).
  • Our credit impaired criteria has changed, please see the product guide for details.  We have simplified our product criteria for each product tier.

For more details please visit www.themortgagelender.com or call on 0344 257 0418