In a note to brokers, the lender said it was launching product transfers to its existing customers on a “pilot basis” and it was working hard to have a “fully automated product transfer solution available to all customers soon”.
It said existing customers who had been selected for the pilot would receive a letter which it would encourage them to speak to an adviser to discuss their options.
Further information can be found on its online product transfer page, such as details on products and eligibility.
The products include a residential two-year fixed rate with an initial term of 6.8 per cent and a five-year fixed rate starting from 6.44 per cent.
On the buy-to-let side, the two-year fixed rate for standard properties starts at 6.83 per cent and 6.71 per cent for five-year fixed rates.
For houses in multiple occupation and multi-unit blocks, two-year fixed rates start at 7.07 per cent and five-year fixed rates begin from 6.93 per cent.
Holiday let, short-term let and expat product transfers on two-year fixed rate terms are priced from 7.707 per cent and 6.93 per cent for five-year fixed rate terms.
The products also come with no fees.
To be eligible, customers should have no arrears balances, no arrears in the last 12 months, no variation in their current repayment profile, no removal or additional of borrowers and no security changes.
Customers must have more than two-year minimum of their account term remaining, and the loan amount is on a like-for-like basis.
Steve Griffiths, chief commercial officer at The Mortgage Lender, said: “Increases in the cost of living and the impact of higher interest rates have made this a challenging period for borrowers coming to the end of their fixed rate period. We’re pleased to be able to offer TML customers a straightforward Product Transfer that is available exclusively through intermediaries. Following the successful launch of our pilot this month we will be writing to all customers as they become eligible over the coming weeks.”
