Important Information i

From Friday 23rd February, we have made rate reductions across both our Buy to Let and Residential product ranges. View our product guides.


We continue to support customers who are struggling or think they may struggle with their mortgage payments. If you need our assistance, please call our Customer Support team on 0344 257 0427, Monday to Friday, between 9am and 5.30pm. If your client can keep up with their mortgage payments, we would encourage them to do so, as changing their contract could lead to higher payments down the line.


TML cuts underwriting tiers and abolishes cascade on residential product range

Tuesday, February 15, 2022

The Mortgage Lender has simplified its residential lending tiers and removed the underwriting cascade for unsecured arrears to make it easier for brokers when dealing with customers with credit impairments.

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

In addition, its Limited Distribution Lumi range, which is available up to 75 per cent loan to value and caters for more complex credit histories, including recent payday loans and discharged individual voluntary arrangement (IVA) or bankruptcy applicants, has three tiers. Rates start at 4.25 per cent for a two-year fix at 75 per cent loan to value with an application fee of £150 and a completion fee of £1,495.

Steve Griffiths, sales and product director at The Mortgage Lender said: “Removing the cascade 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, as well as working more closely with our Specialist Distribution partners for more complex adverse credit scenarios.

“By simplifying our residential lending approach we’re responding to what our brokers say is important to them, speed of decision and certainty, while offering more solutions for borrowers who don’t quite fit high street lending criteria.

Andrew Montlake, managing director of Coreco Mortgage Brokers said “We welcome TMLs new residential range, giving our brokers and clients more transparent and simplified products. With potentially more client cases coming through with complex incomes, particularly after the pandemic, in removing the cascading approach to unsecured arrears there is more flexibility in the products we can present to clients.”

Please note article content was accurate at time of publishing