Lender launches Help to Buy products for self-employed

Lender launches Help to Buy products for self-employed
Credit: Chris Ratcliffe/Bloomberg

The Mortgage Lender (TML) has launched Help to Buy mortgages available to self-employed and complex income borrowers.

The lender has added Help to Buy products to its range for first-time buyers and homemovers purchasing under the England and Wales schemes.

The products are available to applicants that fall under its ‘real life’ categories one to six, such as customers with up to four unsecured arrears in 24 months.

They have a maximum 75 per cent LTV and include a free valuation.

Initial rates start at 3.77 per cent for a two-year fix and 4.20 per cent for a five-year fix.

Steve Griffiths, sales and product director at The Mortgage Lender, said: “After relaunching our residential range a couple of weeks ago brokers said what they really need right now is Help to Buy products for people who have impaired credit, complex income or are self-employed.

“We’ve built a reputation as a lender that is able and willing to assess each borrower on their individual circumstances and that has never been more important than it is now given the impact the pandemic has had on people’s finances.”

TML returned to residential lending last month with a new product range.

It had paused residential applications in March in response to the pandemic and the “paralysis” of the capital markets used for securitisation.

Vikki Jefferies, proposition director at Primis Mortgage Network, commented: “I am confident that today’s news will be met with open arms by brokers.

“Younger borrowers have been significantly impacted by the Covid-19 pandemic, and greater support for this community will be crucial to helping them achieve their financial milestones in the months and years to come.

“Expanding into the Help to Buy market will further enable The Mortgage Lender to help advisers serve the demand from first-time buyers both during the pandemic and beyond – ensuring that for a growing number of non-traditional borrowers, financing is within reach.”

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