It is the latest in a line of non-bank lenders to scale back mortgage offerings as a direct result of the coronavirus impact on financial markets.
The lender will continue to accept buy- to- let applications however, as the funding for these mortgages are not dependent on capital markets.
TLM is also exploring further use of desktop valuations (AVMs) in view of the government’s social distancing instructions.
Peter Beaumont (pictured), deputy chief executive of TML, said: “It is right for us to pause residential applications at this time. Our staff are focused on supporting our customers and business partners in the coming weeks.
“All staff are now working remotely and we are collaborating to maintain health and wellbeing as we get used to new ways of working. Our teams are also actively supporting customers who are impacted by Covid-19 at this challenging time.”
He added: We are continuously reviewing our forbearance policies to make sure we are doing everything we can, this includes the option of payment holidays for up to three months, in line with the recent government announcement.
“We will provide regular updates for our customers and partners over the coming weeks.”