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The Mortgage Lender ramps up competition with reduced residential rates

Posted Thursday 6th of June 2019
Uncategorised

The Mortgage Lender has reduced its two-year residential fixed rates to include a market-leading 2.65 per cent initial rate for mortgages up to 70 per cent loan to value.

The reductions apply to whole of market products, including Help to Buy, the £750 cashback and the L&G Mortgage Club exclusive, across its RL 1 and 2 categories from 70 per cent loan to value up to 85 per cent loan to value.  

The Mortgage Lender deputy chief executive Peter Beaumont said: “At The Mortgage Lender we love to lend and our reduced rates on RL1 and 2 make it easier for brokers to recommend a competitive rate for their customers alongside a pragmatic approach to underwriting which recognises that life doesn’t always move in a straight line.”

New residential rates

Mortgage Type LTV RL1 RL2
2 year fixed 70% 2.65% 2.69%
2 year fixed 75% 2.79% 2.89%
2 year fixed 80% 2.99% 3.10%
2 year fixed 85% 3.34% 3.45%

Alongside the rate reductions on RL1 and 2 The Mortgage Lender has capped its adverse credit criteria. It will accept county court judgements up to a maximum of £2,500 in 36 months for homebuyers or movers excluding Help to Buy where there is a cap of £300 in 36 months.

The Mortgage Lender is an intermediary-only mortgage lender. It provides real life lending choices for a wide range of borrowers including employed, self-employed, those with impaired credit, lending into retirement and buy to let investors.

This year it launched Help to Buy residential mortgages and its first Buy to Let remortgage product. It also completed its first UK mortgage-backed securitisation of residential assets for £238.5m.

By Joanne Gill , of The Mortgage Lender

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