The Mortgage Lender has unveiled its unsecured arrears residential product to the whole of the market following a pilot with key distributor partners.
The product adds a new tier of unsecured arrears (RLUA1) alongside its existing real life (RL0-7) tiers with new pricing for applicants with limited unsecured arrears in the last 24 months.
Available for purchase and remortgage up to 85% loan to value (LTV) with a £995 completion fee. Rates start at 2.49% for a two-year fix at 70% LTV and 3.23% for a five-year fix at 70% LTV.
Key features of RLUA1:
- Maximum arrears status of 2 on unsecured credit accounts in the last 24 months, must be up to date at the point of application
- Utility and communications defaults not considered adverse credit
- Credit score does not determine product availability
Steve Griffiths (pictured), The Mortgage Lender’s sales director, said: “RLUA1 provides a different option to customers with unsecured arrears that might have been turned away from the high street or are thinking of restructuring their finances.
“This product reflects our commitment to real life lending by offering bespoke criteria and granular pricing based on individual circumstances, rather than categorising and pricing alongside applicants with more complex credit histories. It is also indicative of our desire to understand and launch products that will add value to the market and provide greater choice for mortgage brokers and their clients.”