We are pleased to announce the launch of our new product range.

In response to direct feedback, our new range will provide greater certainty allowing you to easily identify the product an applicant will qualify for, based on their credit criteria.

Highlights:

  • No cascade based on credit score.  We will no longer use score to determine the product rate
  • First time buyer up to 85% LTV
  • New build up to 85% LTV.  We will also consider a maximum 5% builder gifted deposit/incentive up to 85% LTV.  New build offers valid for up to 6 months*
  • Increased maximum loan amounts.  We can now consider applications for loans up to £600k at 85% LTV, £750k at 80% LTV, and £1m up to 75% LTV

I have attached the new product guide for reference.

Product withdrawal:

From Wednesday, the following products will no longer be available for new enquiries:

  • Existing Tiers 1-9 products
  • Fee assisted remortgage products

Pipeline:

All new enquiries from Wednesday will be on the new TML1, TML2 and TML3 product range.

Any enquiry that has reached DIP accept, with product selected, before Wednesday will proceed to application based on the product originally selected.

All applications already submitted before Wednesday can continue based on the product originally selected at application.

Pipeline DIP accept and applications on the old product range can switch to the new product range upon request. If the application and valuation fees have already been paid, these will need to be refunded and charged again and a new DIP and application will be required. This will also result in a new credit assessment and the old product will no longer be available.

Pipeline cases with applications already submitted on the fee assisted remortgage or exclusive products can still complete on the old products.

Communications:

This email is intended to allow you to prepare your own communications and manage pipeline cases.

The new products will be live on sourcing systems on Wednesday.

We will communicate the changes to all our registered intermediaries by email on Tuesday afternoon.  A press release will be issued on Wednesdsay.

If you have any questions please let me know, or contact your Key Account Manager, or email sales@themortgagelender.com.

Download latest product guide