The Mortgage Lender has added a number of large loan products and an interest-only option to its residential range.
The lender now offers up to £1m at 80% LTV or £1.25m at 75% LTV.
It has also raised its maximum loan-to-income ratio to up to 5x income for loans over £1m on a repayment basis, subject to affordability assessments.
Interest-only will now be available on its RL0 and RL1 large loan products, over £500,000 up to 75% LTV.
Part and part options will be offered up to to 85% LTV.
Acceptable repayment strategies include sale of the property, equity in other UK property or the current value of savings and investments.
Large loans and interest-only options are available for both purchase and remortgage.
TML chief commercial officer Steve Griffiths, Chief Commercial Officer says: “Our aim is to offer flexibility of choice with how customers choose to repay their mortgage depending on the circumstances and, while every customer’s situation is different, we have a range of tailored options that can help meet the needs of many.
“With house prices expected to return to rising after the reductions seen last year, and affordability continuing to provide challenges for customers and brokers alike, it’s more important than ever to speak to an adviser to understand how best to maximise borrowing potential for the self-employed or those with complex income structures.
“And that is why we are committed to helping brokers and their clients with solutions that meet their individual needs.”
Coreco managing director Andrew Montlake says: “In an ever-changing market it’s key to adapt, which is why it’s encouraging to see lenders develop a wider range of products to support customers with a diverse range of needs.
“TML’s new product offerings are an example of a lender striving to best assist brokers and their clients by offering innovative solutions and being versatile to the market demands.”
