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TML restructures resi range to enhance specialist offering

  • 17/11/2023
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TML restructures resi range to enhance specialist offering
The Mortgage Lender (TML) has restructured its residential products and criteria in order to help more customers in the specialist lending space.

The lender said the change will provide brokers with more choice for customers with credit blips or adverse credit.

The restructure could allow customers with historic credit impairment to access higher loan to value (LTV) products than were previously available.

TML will also improve adverse credit recency for small County Court Judgements (CCJs), defaults and missed payments on secured and unsecured credit, and remove its minimum credit score requirement on its RL0 product, which caters for customers with complex income who, due to  employment circumstances, could struggle to access finance from more mainstream high street lenders.

The firm is also reducing its residential revert margin for new residential loans to three per cent above its base rate, which it notes that “combined with its recent reduction in stress rates, will improve affordability on two-year fixed products”.

Steve Griffiths (pictured), chief commercial officer at TML, said: “We strive to support and offer innovative solutions to those who may have credit blips or a more adverse credit history, and our recent restructure sets out to achieve just that.

“In addition, the current environment of high interest rates and high inflation means that customers need to maximise their affordability in order to support their homeownership goals.”

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