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The Mortgage Lender launches self-employed and complex income deal – exclusive

  • 25/11/2021
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The Mortgage Lender launches self-employed and complex income deal – exclusive
The Mortgage Lender has brought out a residential product range aimed at supporting self-employed and complex income borrowers.


The RL0 product range rates will start from 2.84 per cent and are available across purchase and remortgage categories up to a maximum loan to value of 85 per cent.

The range will cater to individuals with complex incomes as their employment status may mean they will struggle to secure a mortgage from mainstream lenders.

According to TML, there are over four million self-employed workers in the UK and that number has been growing in the past year.

The lender added that more borrowers are being classed as having complex income, which can include multiple income streams or variable income, but despite this growing it was still challenging to secure a mortgage.

Steve Griffiths, sales and product director at The Mortgage Lender, said: “The self-employed and those with untraditional income streams are becoming more and more common in the UK but the lending industry has failed to adapt as quickly to this trend.

“Our new RL0 product range will offer competitive pricing for borrowers that don’t have adverse credit history but do have complex incomes. We are pleased to be supporting these customers by taking a real life approach to affordability such as using pre-Covid accounts where appropriate, as well as 100 per cent of bonus and overtime for employed borrowers.”

During the pandemic many lenders tightened their criteria around self-employed and complex income to limit riskier borrowing, which led to concerns that borrowers with non-standard financial circumstances would not be offered a mortgage.

According to a report from the Intermediary Mortgage Lenders Association in October, this has started to change. Now most lenders say they would lend to applicants with more complex needs and income.

However, some brokers disagreed with this view, saying that lenders’ approaches towards self-employed borrowers were overly cautious and even at times dysfunctional.

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