TML cuts underwriting levels and removes cascading on residential range


“The removal of the cascading approach to unsecured arrears means that we will be able to offer lower rates and higher LTVs for customers with an unsecured arrears credit profile.”



The new residential range, designed for complex incomes, self-employed and adverse credit applicants, is available at up to 85% LTV. Rates start at an initial rate of 2.79% for a two-year fix at 75% LTV with an application fee of £150 and a completion fee of £1,499

Additionally, its limited-distribution Lumi range, which is available at up to 75% LTV and caters to more complex credit histories, including recent payday loans and Individual Voluntary Arrangement (IVA) or discharged bankruptcy applicants. , has three levels. Rates start at 4.25% for a two-year 75% LTV solution with an application fee of £150 and a completion fee of £1,495.

Steve Griffiths, Director of Sales and Product at The Mortgage Lender, said: “The removal of the unsecured arrears cascading approach means we will be able to offer lower rates and higher LTVs for customers with an unsecured arrears credit profile, as well as work more closely with our specialist distribution partners for more complex adverse credit scenarios.

“By simplifying our residential lending approach, we’re addressing what our brokers say is important to them, decision speed and certainty, while providing more options for borrowers who don’t quite fit the lending criteria of Street.”