The Mortgage Lender (TML) announced on Friday, 15th December, the addition of new products to its residential range, aimed at providing increased choice and flexibility for mortgage brokers and their clients.
These new offerings include 2- and 5-year fixed-rate 90% loan-to-value (LTV) residential purchase products, targeted at properties with an Energy Performance Certificate (EPC) rating of A-C. Significantly, these products also accommodate a builder gift or incentive of up to 5% as part of the deposit for new build purchases.
In a move to offer more adaptable solutions to consumers, TML has also extended the maximum term for its residential mortgages from 35 to 40 years. This change is designed to cater to those with smaller deposits or who need more flexible monthly mortgage payment options.
Chris Kirby, head of key accounts & specialist distribution at TML, comments on these developments: “At TML, we’re striving to support mortgage brokers and their clients by increasing the options available to them.
“With the launch of our 90% LTV residential products, available for purchases of properties with an EPC rating of A-C, we will be able to provide solutions to those with smaller deposits with their homeownership ambitions.
“By making these products available to properties with an EPC rating of A-C, we are providing an option to those looking for lower emitting, more energy-efficient, and cheaper to run properties.”
Kirby adds: “We’re aware that for many consumers it’s important to have the flexibility to have a lower payment in line with their budget, so by also extending the maximum term on our residential products from 35 to 40 years, we will be able to help more consumers with the mortgage being paid off by retirement or age 70, whichever is sooner.”
Craig Hall, director of new homes financial services at LSL, also welcomed the news, stating: “It is vital that we have a range of solutions for all homebuyers, particularly for those that don’t fit the high street lenders, and therefore it is great to see further choice for first time buyers and movers with a deposit of 10%. This is welcome news and highlights growing lender confidence in the New Homes sector and more energy-efficient homes, well done to the team at The Mortgage Lender!”
TML’s latest product enhancements reflect a commitment to addressing the diverse needs of borrowers, particularly those looking for environmentally sustainable options and requiring more flexibility in managing their mortgage commitments.
