The Mortgage Lender has launched a new, Lumi-branded, residential product for customers whose finances have been impacted by a change in circumstances.
The range is available up to 75 per cent loan to value, across four Lumi categories, catering for customers with defaults, CCJs, and mortgage arrears. It also offers enhanced credit criteria for unsecured arrears, bankruptcy and pay day loans when compared to TML’s core range.
Lumi products are available for employed, self-employed and complex income applicants. The minimum loan is £25,001 and the maximum loan is £1m.
The Mortgage Lender sales and product director Steve Griffiths said: “Now more than ever lenders need to have criteria that caters for a wide range of customer circumstances and recognise that the last 12 months has been financially difficult for many people.
“Our Lumi range, which is available through specialist distributors, takes a pragmatic approach to the real-world experience many of our broker partners are presented with when they are sourcing a mortgage for their clients.
“It offers fair rates combined with a flexible approach to underwriting that provides a stepping-stone for home-movers or those remortgaging and, in some cases, credit repair.”
Lumi rates start at 4.98 per cent for a two-year fix and 5.29 per cent for a five-year fix at 70 per cent loan to value.
3mc director Doug Hall said: “We are seeing increasing numbers of customers whose financial situation has been impacted by the Coronavirus pandemic who need products that are appropriate for their circumstances now.
“Through sharing our knowledge and challenges with lenders, like TML, the specialist lending sector is proving it can meet those needs in a responsible way. The launch of Lumi is great news for brokers and customers. It shows lenders are listening and able to respond to the market, improving customer choice and competition.”
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