The Mortgage Lender is set to launch in May and has revealed the key features of its product range which is designed to meet the needs of today’s borrowers by offering mortgages for the self-employed, lending into retirement and impaired credit lending.
The intermediary only specialist lender will accept applications from a range of channels that include mortgage clubs, networks and distributors.
The product range is available up to 85 per cent loan to value with a two-year tracker that starts at 2.19 per cent, or as a two or five-year fix with rates as low as 2.41 per cent.
The rate a borrower will receive is dependent on their credit history, which will place them in one of the nine underwriting bands. Brokers are able to submit, track and manage their applications online as well as receive an immediate decision in principle.
The Mortgage Lender chief executive Trevor Pothecary said: “Launching a new lender from scratch has given us the ability to design our systems and our products so they work for intermediaries and borrowers today.
“We recognise the lending landscape has changed, working patterns have changed, people are in employment longer and making use of mortgages later in life. There are more contract workers and people have had issues with their credit history, often through no fault of their own.
“Our range is simple and meets the needs of all of these segments of the market at affordable and competitive rates.”
The range is available to home buyers and people who are remortgaging and rates revert to LIBOR plus 4.5 to 5 per cent at the end of the fixed rate or tracker period.