Remortgage 

New mortgage offer for self-employed

New mortgage offer for self-employed

The self-employed, contract workers and those with less than perfect credit histories are being offered a tailored fee assisted remortgage offer by The Mortgage Lender (TML).

The provider, which only deals through intermediaries, is offering to two-year fixed rates on loans up to 85 per cent loan-to-value, with rates starting from 3.41 per cent.

This rate is superior to most standard variable rates on a similar loan offered by lenders such as HSBC, Halifax, Tesco Bank, Santander and Clydesdale/Yorkshire Bank.

Pete Thomson, sales and marketing director at TML, said: “Lots of homeowners have seen their situation change while they’ve been on their existing deal.

"Now, because they’ve become self-employed, taken on a second job, are paying school fees or maybe have some credit issues, they think they’ve got little choice but to just sit on their current lender’s expensive standard variable rate."

The deals from TML come with no arrangement fee, free standard legal services, a refunded valuation fee and no application or telegraphic transfer fees.

Adrian Kidd, a financial planner at Unleash Advice Partnership, said anything that could be done to help people, who feel they are being "raped and pillaged" by their mortgage lender on a high variable rate, was a good thing. 

He is currently helping a client whose employment has changed since first mortgaging prior to the financial crisis who is paying a rate of 4.79 per cent.

"A decent mortgage broker should be able to find a lender to remortgage for such people," he said. "However, it is the loan to value ratio that mucks up these people more than anything else."

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