The Mortgage Lender has revamped its residential product range with higher LTVs, more targeted pricing, reduced completion fees and a cashback range.
It has increased its product tiers from three, known as (TML 1-3) to seven, now (Real life 1-7).
Features of the new range include:
- An increased maximum LTV to 90% through selected introducers
- Reduced completion fees
- Rates for Real Life 1 at 70% loan to value starting at 2.8% for a two-year fix and 3.55% for a five-year fix. At 90% LTV a two-year fix starts at 3.99%
- £750 cashback product on Real Life 1 starts at 3.3% for a two-year fix at 70% LTV
- A new revert rate product at 3.4% above Libor at the end of the introductory rate period, with rates starting at 3.59% for a two-year fix at 70% LTV
Peter Beaumont (pictured), The Mortgage Lender’s deputy chief executive, said: “Lend more to people in real life situations – that’s the aim of The Mortgage Lender and all of our product ranges.
“With the new residential offering we’ve broadened product reach, created up the credit curve product availability and increased options for borrowers that allow for more targeted pricing.
“Our products need to change in line with borrower needs and that’s exactly what our new range delivers. We call that real life lending.”