TML revamps new build range and increases maximum LTVs

"Our purpose is to lend and intermediaries have told us there are a number of areas where we can make it easier for them to work with us. "

Additionally, the lender will no longer cascade based on credit score, which it says will "give intermediaries certainty on the product rate offered to applicants based on their credit profile and published criteria".

Its new product range consists of three product categories. Rates start from 2.89% for two-year fixes and 3.35% for 5 year fixes. There are also 2 year tracker rates available, starting from 2.99%.

New build applications will also be considered up to 85% LTV and new build offers will now be valid for 6 months, subject to valuation/reinspection.

There is also a maximum 5% builder-gifted deposit/incentive allowed up to a maximum LTV of 85%.

Maximum loan amounts have increased from £800,000 to £1m up to 75% LTV, from £600,000 to £750,000 up to 80% LTV, and from £400,000 to £600,000 up to 85% LTV.

Peter Beaumont, deputy chief executive of The Mortgage Lender, said: “Our purpose is to lend and intermediaries have told us there are a number of areas where we can make it easier for them to work with us. The new range is clear and concise, delivering what intermediaries asked for.

“Our changes demonstrate that we are listening to our introducers and show our determination to work in collaboration and have a product range that suits today’s borrowers.”