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The lender is offering a specific product range to LLPs, in conjunction with its existing proposition for limited company borrowers.
The range will be available to those looking for their first home as well as new customers who are moving.
Morrey said: “Lenders will not divulge exactly why they have said ‘no thank you’ to the scheme, but ultimately it means they have far more control over the whole transaction with regards to pricing and criteria.”
Here’s why it will hit low-income first-time-buyers the hardest.
The mutual will offer the mortgage to homebuyers from 19 April, and will not use the government’s mortgage guarantee scheme.
From Tuesday 20 April 2021, people looking to buy a new home can apply for one of three products, which are fee free and include a free valuation.
In comparison, by week 12 of 2020, Twenty7Tec had produced 925,610 mortgage documents.
One in four existing or aspiring homeowners have previously had an accident or illness leaving them in financial difficulty resulting in a missed mortgage payment, according MetLife UK.
One fifth (19%) of UK homeowners have been unable to remortgage their home since the pandemic started, according to Comparethemarket.
In the latest instalment of our Mortgage Tech Series, we spoke to Tanjir Sugar from Mortgage Magic.