The Mortgage Lender (TML) has launched a number of large loan products and an interest-only proposition to its residential range, as well as increasing its maximum loan amount to £1.25m.
The large loan offering will lend up to £1m for 80% loan-to-value (LTV) products, and £1.25m for 75% LTV products, both available on TML’s RL0 and RL1 large loan product range.
The loan-to-income (LTI) ratio was increased up to five-times income for loans over £1m on a repayment basis, subject to affordability assessments.
TML’s interest-only criteria is offered across its large loan products, RL0 and RL1, for loans over £500,000 up to 75% LTV, with part and part options available up to 85% LTV.
Repayment strategies accepted include sale of mortgaged property, equity in other UK property owned by the customer as well as the current values of savings and simple investment vehicles.
Steve Griffiths, chief commercial officer at The Mortgage Lender, said: “We are pleased to bring to market these larger loan products, as well as the option for customers to have some or all of the loan on interest only if that best suits their needs and lifestyle.
“We’ve worked closely with our intermediary and distribution partners in developing our large loan and interest only proposition.
“Our aim is to offer flexibility of choice with how customers choose to repay their mortgage depending on the circumstances and, while every customer’s situation is different, we have a range of tailored options that can help meet the needs of many.”
He continued: “With house prices expected to return to rising after the reductions seen last year, and affordability continuing to provide challenges for customers and brokers alike, it’s more important than ever to speak to an advisor to understand how best to maximise borrowing potential for the self-employed or those with complex income structures.
“And that is why we are committed to helping brokers and their clients with solutions that meet their individual needs.”
Andrew Montlake, MD of Coreco Mortgage Brokers, added: “In an ever-changing market it’s key to adapt, which is why it’s encouraging to see lenders develop a wider range of products to support customers with a diverse range of needs.
“TML’s new product offerings are an example of a lender striving to best assist brokers and their clients by offering innovative solutions and being versatile to the market demands.”
