One of our partners The Mortgage Lender has made some important updates to its products and services. The full details of these changes are outlined below.
Please be aware that there are no BTL changes at this time.
What’s being removed?
- Current residential products have been withdrawn and replaced with a completely new range
- TML 1, 2 and 3 is no longer available. This applies to all variations, including whole of market cashback, the Club/Network semi exclusive, Premier Panel semi exclusives and L&G exclusive
- Tracker products have been withdrawn completely
What’s new?
- A new range of 2 and 5 year fixed rates, with a number of beneficial changes, has been launched
- There are now seven ‘Real Life’ product tiers. Expanding the range to 7 tiers provides more accurate prices for each customer’s circumstances. These are available to the whole market audience, along with a cashback range of rates
- The application fee of £150 has been reintroduced on a product specific basis. Please see the guide for details.
Criteria changes
From launch of this new range, a number of improvements have been made to the criteria. The full guide is attached, but highlights are:
- Maximum joint income multiple now 4.5x, was previously 4x. We use a full affordability based model but are often asked for income multiples for reference. Other factors may impact the maximum amount an applicant can borrow. Our single applicant income multiple remains at 4.5x income.
- Self employed with 1 years trading – we can now consider these applications up to 85% LTV (was previously 80% LTV).
- Our credit impaired criteria has changed, please see the product guide for details. We have simplified our product criteria for each product tier.
If you have any questions, contact Clever Lending at enquiries@cleverlending.co.uk or call us on 0800 316 2224
