The Mortgage Lender has unveiled its unsecured arrears residential product to the whole of the market following a successful pilot with key distributor partners.
The product adds a new tier of unsecured arrears (RLUA1) alongside its existing real life tiers and provides more competitive pricing for applicants with limited unsecured arrears in the last 24 months.
The offering is available for purchase and remortgage up to 85% LTV with a £995 completion fee.
Rates start at 2.49% for a 2-year fix at 70% LTV and 3.23% for a 5-year fix at 70% LTV.
Steve Griffiths (pictured), sales director at The Mortgage Lender, said: “RLUA1 provides a different option to customers with unsecured arrears that might have been turned away from the high street or are thinking of restructuring their finances.
“This product reflects our commitment to real life lending by offering bespoke criteria and granular pricing based on individual circumstances, rather than categorising and pricing alongside applicants with more complex credit histories.
“It is also indicative of our desire to understand and launch products that will add value to the market and provide greater choice for mortgage brokers and their clients.”
A key feature of RLUA1 includes a maximum arrears status of two on unsecured credit accounts in the last 24 months, which must be up to date at the point of application.