TML pauses resi applications
The Mortgage Lender has said it is pausing residential applications with immediate effect due to the coronavirus pandemic.
The firm also cited the current paralysis of the capital markets used for securitisation, as a reason to why it has pulled its residential applications.
However, the lender has revealed that it will continue to accept buy-to-let applications.
BTL applications will be unaffected as the funding line is not dependent on capital markets, the lender noted.
Furthermore, TML is also exploring further use of desktop valuations in view of the government’s social distancing instructions.
Peter Beaumont, deputy chief executive of The Mortgage Lender, said: “It is right for us to pause residential applications at this time.
“Our staff are focused on supporting our customers and business partners in the coming weeks.
“All staff are now working remotely and we are collaborating to maintain health and wellbeing as we get used to new ways of working.
“Our teams are also actively supporting customers who are impacted by COVID-19 at this challenging time.
“We are continuously reviewing our forbearance policies to make sure we are doing everything we can, this includes the option of payment holidays for up to three months, in line with the recent government announcement.
“We will provide regular updates for our customers and partners over the coming weeks.”