The Mortgage Lender has returned to specialist residential lending with purchase and remortgage products for employed, self-employed, contract workers, retired and those with complex incomes up to 85 per cent loan to value.
The new range has criteria that enables applicants to access mortgage products at competitive rates, which start at 3.27 per cent.
Self-employed income is assessed on salary and share of profit before tax for the most recent year and 50 per cent of regular overtime and bonus is used to assess employed income.
There is a range of products that are available to the whole of market for applicants who have an impaired credit history, including CCJs, defaults, arrears and debt management plans.
The Mortgage Lender chief executive Peter Beaumont said: “We’re delighted to return to residential lending with a new product range that meets the needs of home movers, buyers and those remortgaging here and now.
“Our real life criteria combined with competitive rates has been developed around customer needs in conjunction with our broker partners and benefits from being backed by a balance sheet lender.
“The residential relaunch comes on the back of record performance of our buy to let products throughout the pandemic and is down to the hard work of our team and our dedication to providing relevant products for applicants who are locked out of the High Street.”
Legal & General Mortgage Club head of lender relationships Danny Belton said: “There are a growing number of customers who are employed or self-employed, have complex income, or have a missed payment on file who would have still been considered good customers before the start of the coronavirus crisis. However, the lending options for these customers have been significantly curtailed in recent months.
“It is great to see lenders, such as The Mortgage Lender, helping to provide more choice to these people by offering high-quality products and underwriting to help this traditionally underserved part of the market.”