The procuration fee is payable to TML’s distribution partners but is not applicable to those who place business directly with TML.
TML’s partners include the newly announced PMS Mortgage Club as well as SimplyBiz Mortgages, Paradigm Mortgage Services and The Mortgage Alliance.
Pete Thomson (pictured), sales and marketing director of TML, said: “Having successfully launched in mid-July and with a pipeline already exceeding £50m, we have been able to offer a market leading tracker rate of 1.98%.
“The last quarter of the year is where we had always planned to ramp up our sales activity. Our systems are tried and tested and we’ve already seen cases completing.”
A increase in procuration fees has been an ongoing topic of discussion among brokers and the move by TML indicates that lenders are now listening to their concerns.
In July Virgin Money launched its online mortgage retention platform, giving advisers a procuration fee of 0.38%.
Having launched earlier this year, TML aims to be an alternative choice for borrowers who do not fit the traditional high street lender criteria, including the self-employed and those with a bad credit history.
Products are available up to 85% loan-to-value (LTV). Rates include a two-year tracker priced at 2.18% and fixed rates starting from 2.41%.