The Mortgage Lender is launching a new residential product aimed at supporting the self-employed and borrowers with complex incomes.
The lender is introducing a new category, RL0, with fixed rates from 2.84%. This category is available across purchase and remortgage ranges and will cater for those individuals with complex income who, because of their employment circumstances, may traditionally struggle to access finance on the High Street.
The impact of the pandemic on earnings has also impacted those self-employed workers with 51% of self-employed people surveyed by The Mortgage Lender in March 2021 believing it is now more difficult for self-employed people to get a mortgage compared to a year ago.
Steve Griffiths (pictured), sales & product director at The Mortgage Lender, said: “The self-employed and those with untraditional income streams are becoming more and more common in the UK- but the lending industry has failed to adapt as quickly to this trend.
“Our new RL0 product range will offer competitive pricing for borrowers that don’t have adverse credit history but do have complex incomes. We are pleased to be supporting these customers by taking a RealLife approach to affordability such as using pre covid accounts where appropriate, as well as 100% of bonus and overtime for employed borrowers.”