The Mortgage Lender (TML) has paused residential applications with immediate effect in response to the health crisis and the current state of the capital markets used for securitisation.
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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS