TML Reduces Underwriting Levels and Abolishes Waterfall on Residential Product Line


The mortgage lender simplified its residential loan levels and removed the underwriting cascade for unsecured arrears to make it easier for brokers when dealing with customers in credit difficulty.

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

Additionally, its Limited Distribution Lumi range, which is available at up to 75% loan to value and caters to more complex credit histories, including recent payday loans and Individual Voluntary Arrangement (IVA) applicants or discharged bankruptcy, has three levels. Rates start at 4.25% for a 75% loan rate over two years with an application fee of £150 and a completion fee of £1,495.

Steve Griffiths, Sales and Product Manager at The Mortgage Lender, said: “The removal of the cascading approach to unsecured arrears means that we will be able to offer lower rates and higher LTVs for customers with an unsecured past due credit profile, as well as working more closely with our specialized distribution partners for more complex adverse credit scenarios.

“By simplifying our residential lending approach, we’re addressing what our brokers say is important to them, decision speed and certainty, while providing more options for borrowers who don’t quite fit the lending criteria of Street.

Andrew Montlake, Managing Director of Coreco Mortgage Brokers, said, “We welcome TML’s new residential lineup, providing our brokers and clients with more transparent and streamlined products. With potentially more instances of clients with complex incomes, particularly post-pandemic, by removing the cascading approach to unsecured arrears, there is more flexibility in the products we can present to clients.


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