The Mortgage Lender (TML) has announced a significant overhaul of its residential product range and criteria on Friday, 17th November, aimed at enhancing services in the specialist lending sector.
This initiative is designed to assist a broader spectrum of customers, particularly those with recent minor credit issues or more substantial, historical adverse credit records.
Key to this restructuring is the provision of higher loan-to-value (LTV) products for clients with past credit challenges.
The revamp includes a more lenient approach towards smaller County Court Judgements (CCJs), defaults, and instances of missed payments on secured and unsecured credit.
Notably, TML has removed the minimum credit score requirement for its RL0 product, widening the scope for potential borrowers.
Simultaneously, TML has adjusted its residential revert margin, setting new residential loans to revert to a rate of 3.00% above the TML residential base rate. This change, combined with the recent reduction in stress rates, is intended to improve affordability, especially for two-year fixed products.
Chief commercial officer Steve Griffiths (pictured) said: “We strive to support and offer innovative solutions to those who may have credit blips or a more adverse credit history, and our recent restructure sets out to achieve just that.
“In addition, the current environment of high interest rates and high inflation means that customers need to maximise their affordability in order to support their homeownership goals.”
