The Mortgage Lender has unveiled its launch plans – with its product range including 2-year trackers from 2.19% and 2-year fixes from 2.41%.
The lender said its product range is designed to meet the needs of today’s borrowers by offering mortgages for the self-employed, lending into retirement and impaired credit lending.
The rate a borrower will receive is dependent on their credit history, which will place them in one of the nine underwriting bands.
The intermediary-only specialist lender will accept applications from mortgage clubs, networks and distributors.
Trevor Pothecary, chief executive of The Mortgage Lender, said: “Launching a new lender from scratch has given us the ability to design our systems and our products so they work for intermediaries and borrowers today.
“We recognise the lending landscape has changed, working patterns have changed, people are in employment longer and making use of mortgages later in life. There are more contract workers and people have had issues with their credit history, often through no fault of their own.
“Our range is simple and meets the needs of all of these segments of the market at affordable and competitive rates.”
Brokers are able to submit, track and manage their applications online as well as receive an immediate decision in principle.
The range is available to homebuyers and people who are remortgaging and rates revert to LIBOR plus 4.5 to 5% cent at the end of the fixed rate or tracker period.