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The Mortgage Lender sets minimum income at £15k

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  • 01/07/2016
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The Mortgage Lender sets minimum income at £15k
Ex-Mortgages PLC boss Trevor Pothecary’s new venture, The Mortgage Lender, has confirmed it will accept a minimum income of £15,000 on its loans, ahead of its launch into the market next week.

The lender, which will target the self-employed, later life borrowers and customers with adverse credit, said it plans to position itself as a rival to specialist lender Kensington Mortgages.

The Mortgage Lender received authorisation from the Financial Conduct Authority in May, after being in talks with the regulator since 2015.

For self-employed borrowers, The Mortgage Lender will offer mortgages up to 80% loan-to-value (LTV) if the customer has been trading for 12 months. For borrowers trading for two years or more, deals of up to 85% LTV are available.

It will also lend up to age 70 as standard to support older borrowers, which is extended to age 80 when an annual pension statement is provided.

It expects the majority of its business to fit into its ‘super-prime’ range and is keen to work closely with brokers through its intermediary-only proposition.

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