The Mortgage Lender has cut its two-year residential fixed rates to include a 2.65% initial rate for mortgages up to 70% loan to value.
The reductions apply to whole of market products, including Help to Buy, the £750 cashback and the L&G Mortgage Club exclusive, across its RL 1 and 2 categories from 70% loan to value up to 85% loan to value.
New residential rates:
| Mortgage Type | LTV | RL1 | RL2 |
| 2 year fixed | 70% | 2.65% | 2.69% |
| 2 year fixed | 75% | 2.79% | 2.89% |
| 2 year fixed | 80% | 2.99% | 3.10% |
| 2 year fixed | 85% | 3.34% | 3.45% |
Alongside the rate reductions on RL1 and 2 The Mortgage Lender has capped its adverse credit criteria.
It will accept county court judgements up to a maximum of £2,500 in 36 months for homebuyers or movers excluding Help to Buy where there is a cap of £300 in 36 months.
Peter Beaumont (pictured), The Mortgage Lender deputy chief executive, said: “At The Mortgage Lender we love to lend and our reduced rates on RL1 and 2 make it easier for brokers to recommend a competitive rate for their customers alongside a pragmatic approach to underwriting which recognises that life doesn’t always move in a straight line.”