TML restructures residential range to support specialist borrowers

Customers with historic adverse credit may be able to access products at higher LTVs.

Related topics:  Mortgages
Rozi Jones | Editor, Financial Reporter
17th November 2023
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"We strive to support and offer innovative solutions to those who may have credit blips or a more adverse credit history"
- Steve Griffiths, The Mortgage Lender

The Mortgage Lender (TML) has announced a restructure to its residential products and criteria in order to help more customers in the specialist lending space.

The lender says the change will provide brokers with more solutions for customers that have recent credit blips or more historic and heavier adverse credit.

The restructure means that customers with historic credit impairment may be able to access products that have higher LTVs than previously available.

It will also improve adverse credit recency for small CCJs, defaults and missed payments on secured and unsecured credit, and remove the minimum credit score requirement on its RL0 product.

Simultaneous to the lender’s credit criteria changes, TML is reducing its residential revert margin for new residential loans to 3.00% above the TML residential base rate which, combined with its recent reduction in stress rates, will improve affordability on two-year fixed products.

Steve Griffiths, chief commercial officer at The Mortgage Lender, commented: “We strive to support and offer innovative solutions to those who may have credit blips or a more adverse credit history, and our recent restructure sets out to achieve just that. In addition, the current environment of high interest rates and high inflation means that customers need to maximise their affordability in order to support their homeownership goals.”

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