The lender’s large loan offering will lend up to £1m for the 80 per cent loan to value (LTV) product and £1.25m for 75 per cent LTV deals.
This is available in TML’s RL0 and RL1 large loan product range. The former does not allow arrears county court judgement (CCJ), defaults, individual voluntary arrangement (IVA), repossession, debt management plan or payday loans, whereas RL1 permits a limited number of unsecured arrears, bankruptcy, IVA or payday loans.
The loan-to-income (LTI) ratio has increased to up to five times income for loans over £1m on a repayment basis, subject to affordability assessments.
TML’s interest-only criteria will be offered across its large loan product RL0 and RL1 range for loans over £500,000 up to 75 per cent LTV and part and part options up to 85 per cent LTV.
Repayment options accepted include sale of mortgaged property, equity in other UK property owned by the customer as well as the current values of savings and simple investment vehicles.
Steve Griffiths (pictured), chief commercial officer at TML, said: “We are pleased to bring to market these larger loan products, as well as the option for customers to have some or all of the loan on interest-only if that best suits their needs and lifestyle.
“We’ve worked closely with our intermediary and distribution partners in developing our large loan and interest-only proposition. Our aim is to offer flexibility of choice with how customers choose to repay their mortgage depending on the circumstances and, while every customer’s situation is different, we have a range of tailored options that can help meet the needs of many.
“With house prices expected to return to rising after the reductions seen last year, and affordability continuing to provide challenges for customers and brokers alike, it’s more important than ever to speak to an adviser to understand how best to maximise borrowing potential for the self-employed or those with complex income structures. And that is why we are committed to helping brokers and their clients with solutions that meet their individual needs.”
Andrew Montlake, managing director of Coreco Mortgage Brokers, added: “In an ever-changing market, it’s key to adapt, which is why it’s encouraging to see lenders develop a wider range of products to support customers with a diverse range of needs.
“TML’s new product offerings are an example of a lender striving to best assist brokers and their clients by offering innovative solutions and being versatile to the market demands.”
TML has been broadening its proposition, launching into the shared ownership market and restructuring its residential range to improve its specialist offering.
