The yet-to-launch residential lender will also offer its range through Residential Home Loans (RHL), All Types of Mortgages (AToM), Complete Mortgage and Loan Services, Solent Mortgage Services and The Mortgage Trading Company.
The announcement follows shortly after it revealed its distribution partners for Directly Authorised brokers through SimplyBiz Mortgages, Paradigm Mortgage Services, The Mortgage Alliance, 3mc and Residential Home Loans.
AToM managing director Dale Jannels, said: “The market for specialist mortgages is evolving and it is great to see a new entrant with the heritage and experience of The Mortgage Lender team. By partnering with The Mortgage Lender we will be able to offer a wider range of products to our customers at prices that are closer to the high street than is currently available.”
The Mortgage Lender’s sales and marketing director Pete Thomson, said: “Specialist distributors are key to our strategy of achieving market penetration for our products quickly. We’re delighted to be partnering with some of the best known names in the industry who have seen our plans and are keen to deal with a mortgage lender that has straightforward underwriting processes and a product range that will be keenly competitive.”
The Mortgage Lender, led by CEO Trevor Pothecary, (pictured) will be targeting the self-employed, later life and impaired credit residential borrowers from launch next month.
The product range will include deals for minor adverse customers and borrowers up to 80 years of age. The intermediary-only specialist lender has a rolling £1bn commitment from funders TwentyFour Asset Management has been agreed and the lender plans to service its loans in-house.
Its range will be available up to 85% loan-to-value with a two-year tracker that starts at 2.19%, or as a two or five-year fix with rates starting at 2.41%. The lender is offering capital and interest loans from launch but said ‘plenty of innovation’ is on the way.
Rates are dependent on the borrower’s credit history, which will fit them into one of the nine underwriting bands and brokers will be able to submit, track and manage their applications online.