TML adds family gifted equity and enhances contractor criteria

Jessica Nangle

October 18, 2017

The Mortgage Lender will accept family gifted equity applications up to 75% LTV and has enhanced its contractor criteria across six of its product tiers in response to market demand.

Gifts from parents, grandparents, siblings, aunts and uncles – including step and adopted relationships will qualify.

Pete Thompson, sales and marketing director at The Mortgage Lender, said: “Our sales team were being asked almost daily if we could consider applications with family gifted equity, so we’ve worked hard to do something about that and fulfil market demand.

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“We continue to listen to intermediaries to make sure our products remain relevant and competitive, which will put us and our introducers in a strong position to benefit from increased demand for innovative lending solutions.”

Applications from contractors will now be assessed on their contracted rate, with a 48 times weekly rate multiple up to a loan of 85% LTV.

Applications from contractors with a minimum of three months’ proof of contractor income will also be considered.

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