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Brand spanking new resi range from The Mortgage Lender

Posted Wednesday 17th of October 2018
THE WORD ON THE STREET

The Mortgage Lender has transformed its residential product range with higher LTV’s, more targeted pricing, reduced completion fees and a cashback range.

It has increased its product tiers from three, known as (TML 1-3) to seven, now (Real life 1-7).

The move by the real life lender will provide greater customer choice and pricing that is more tailored to individual circumstances.

Benefits of the new range include:

  • An increased maximum LTV to 90 per cent through selected introducers.
  • Reduced completion fees
  • Rates for Real Life 1 at 70 per cent loan to value starting at 2.8 per cent for a two-year fix and 3.55 per cent for a five-year fix. At 90 per cent LTV a two-year fix starts at 3.99 per cent.
  • £750 cashback product on Real Life 1 starts at 3.3 per cent for a two-year fix at 70 per cent LTV
  • A new revert rate product at 3.4 per cent above Libor at the end of the introductory rate period, with rates starting at 3.59 per cent for a two-year fix at 70 per cent LTV

The Mortgage Lender deputy chief executive Peter Beaumont said: “Lend more to people in real life situations – that’s the aim of The Mortgage Lender and all of our product ranges.

“With the new residential offering we’ve broadened product reach, created up the credit curve product availability and increased options for borrowers that allow for more targeted pricing.

“Our products need to change in line with borrower needs and that’s exactly what our new range delivers. We call that real life lending.”

 Real life lending core range

Mortgage Type LTV RL1 RL2 RL3 RL4 RL5 RL6 RL7
2 year fixed 70% 2.80% 2.95% 2.99% 3.30% 3.45% 3.99% 4.85%
2 year fixed 75% 2.99% 3.09% 3.15% 3.35% 3.60% 4.30% 5.05%
2 year fixed 80% 3.09% 3.30% 3.49% 3.60% 3.85% 4.55%
2 year fixed 85% 3.49% 3.60% 3.89% 3.99% 4.39% 4.85%
5 year fixed 70% 3.55% 3.60% 3.65% 3.95% 3.99% 4.39% 5.09%
5 year fixed 75% 3.65% 3.70% 3.89% 4.05% 4.45% 4.49% 5.39%
5 year fixed 80% 3.69% 3.80% 3.99% 4.30% 4.65% 4.75%
5 year fixed 85% 3.95% 3.99% 4.39% 4.69% 4.90% 5.30%
By Joanne Gill , of The Mortgage Lender

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