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The Mortgage Lender eyes residential purchases with no up-front fee product launch

Posted Monday 11th of November 2019
THE WORD ON THE STREET

The Mortgage Lender has extended its residential range with the launch of its fee offer purchase product.

Designed to increase borrower choice, the new no up-front fee residential purchase product is available to the whole of the market and across The Mortgage Lender’s Real Life Criteria (RL1 to RL7).

The product is available for loans from £75,000 to £250,000 up to 85 per cent loan to value.  

Rates start at 2.84 per cent for a two-year fix at 70 per cent loan to value and 3.68 per cent for a five-year fix at 70 per cent loan to value.

There is no valuation, application or transfer fee and the completion fee, which ranges from £1,349 on RL1 to £1,845 on RL7, can be added to the loan.

The Mortgage Lender deputy chief executive Peter Beaumont said: “We believe in real life lending which means our products need to constantly evolve to meet the ever-changing needs of today’s borrowers.  

“The launch of the fee offer purchase product gives borrowers more choice and the ability to save on some of the most common costs associated with securing a mortgage.”  

The launch of the new residential product follows a number of product enhancements in recent months including new remortgage products with no up-front fees and a £500 cashback or free standard legal fees.  

Just last month The Mortgage Lender revealed it had broken through the £2bn barrier for DIPs on residential and buy to let borrowing during the third quarter of 2019.

The Mortgage Lender is an intermediary-only mortgage lender. It provides real life lending products for residential borrowers, including Help to Buy and buy to let investors.

By Sarah Learoyd , of The Mortgage Lender

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