The Mortgage Lender has launched its unsecured arrears residential product to the whole of the market following a successful pilot with key distributor partners.
The product adds a new tier of unsecured arrears (RLUA1) alongside its existing real life (RL0-7) tiers and provides more competitive pricing for applicants with limited unsecured arrears in the last 24 months.
Available for purchase and remortgage up to 85 per cent loan to value (LTV) with a £995 completion fee. Rates start at 2.49 per cent for a two-year fix at 70 per cent LTV and 3.23 per cent for a five-year fix at 70 per cent LTV.
The Mortgage Lender sales director Steve Griffiths said: “RLUA1 provides a different option to customers with unsecured arrears that might have been turned away from the high street or are thinking of restructuring their finances.
“This product reflects our commitment to real life lending by offering bespoke criteria and granular pricing based on individual circumstances, rather than categorising and pricing alongside applicants with more complex credit histories. It is also indicative of our desire to understand and launch products that will add value to the market and provide greater choice for mortgage brokers and their clients.”
Key features of RLUA1
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.
Last year it launched help to buy residential mortgages and its first buy to let free legals remortgage product. It also completed its first UK mortgage-backed securitisation of residential assets for £238.5m.