TML launches residential large loan and interest-only propositions

The loan to income ratio has also increased up to 5x income for loans over £1,000,000.

Related topics:  Mortgages
Rozi Jones | Editor, Financial Reporter
20th February 2024
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"Our aim is to offer flexibility of choice with how customers choose to repay their mortgage depending on the circumstances"
- Steve Griffiths, chief commercial officer at TML

The Mortgage Lender has added a range of large loan products and an interest-only proposition to its residential range, as well as increasing its maximum loan to £1.25m.

The new large loan offering will lend up to £1m for 80% LTV products and £1.25m at 75% LTV, both of which are available on TML’s RL0 and RL1 large loan product range. The loan to income ratio has also increased up to 5x income for loans over £1,000,000 on a repayment basis, subject to affordability assessments.

TML's interest-only criteria is offered across its large loan products for loans over £500,000 up to 75% LTV, with part-and-part options available up to 85% LTV.

Repayment strategies accepted include sale of mortgaged property, equity in other UK property owned by the customer as well as the current values of savings and simple investment vehicles (with conditions applying to each of these).

TML’s large loans and interest-only products are available on a purchase and remortgage basis.

Steve Griffiths, chief commercial officer at The Mortgage Lender, commented: “We are pleased to bring to market these larger loan products, as well as the option for customers to have some or all of the loan on interest only if that best suits their needs and lifestyle.

“We’ve worked closely with our intermediary and distribution partners in developing our large loan and interest-only proposition. 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.”

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