Intermediary-only mortgage lender, The Mortgage Lender, has announced that it is launching a new build product that carries free valuation and enhanced support for specialist new build brokers.
According to the lender, products are available up to 85 per cent loan to value with a 5 per cent builder incentive/deposit also accepted, across all of its Real Life lending categories (0 – 7).
Rates start at 2.45 per cent for a two-year fixed rate at 70 per cent loan to value. The existing Help to Buy range has also been enhanced with 80 per cent loan to value Help to Buy (Scotland) products added, with rates starting at 3.20 per cent for a two-year fixed rate.
Steve Griffiths, The Mortgage Lender sales director, said: “We recognise that new build is different to the rest of the market and we know specialist new build brokers need a bespoke proposition that is suitable for their clients.
Our underwriting team can provide the certainty brokers and their clients are looking for and we instruct the free valuation after our initial underwrite so it doesn’t hold up the offer.
When you combine our service proposition with our criteria, which is built around complex incomes, self-employed people and impaired credit we feel we’ve got the right proposition and support to help brokers provide the certainty and service their customers expect.”
Stacey Wood, PMS national new build and surveying relationship manager, said: “It’s fantastic to see The Mortgage Lender enhancing their new build proposition alongside launching a dedicated new build support service, which is something that many of our members will find extremely useful.
We will continue to work closely with our lender partners to help shape their future customer propositions in this important area of the market.”