TML has announced a market update, see below. The TML range of products are available through our direct to lender mortgage club and our fees free packager. Contact us to see how you can benefit from our club or packaged support.
View their latest product and criteria here.
Announcement
Changes to our Residential & BTL products
From Friday 28th July, we will be making a number of changes to our Residential products and reducing our minimum loan size across some of our Buy to Let products.
Applications must be submitted, with fees paid, by 5.30pm on Thursday 27th July to secure the current product rates.
Our new Residential product rates will be available from Friday 28th July.
If you have any questions, please contact us on 0344 257 0418.
Changes to TML Products/ Criteria 28th July 2023
WHAT HAS CHANGED
Residential Product Reprice
- Increase to the initial rates across the range (excluding 2 year fixed 75% rates)
- No changes to customer fees
BTL Min Loan Reduction – Portfolio Landlords Only
- Reduction to the minimum loan size on the following BTL products from £75k to £50k for Portfolio landlord only
- 2 & 5-Year Fixed 75% LTV with 2.00% completion fee
- 2 & 5-Year Fixed 75% LTV with 3.00% completion fee
- All other products unchanged
- No changes to customer fees
Introduction of the new Pre FMA Checklist Item – Additional Support Information Form
Mortgage Intermediaries will now be asked to complete an Additional Support Form as part of the pre-submission process for all applications disclosing known vulnerabilities as well as confirming none to declare – Wet Signature not required
Checklist Item Descriptions (Residential & BTL)
Content enhancements to various description fields of checklist items to provide up-to-date and accurate descriptions of requirements
BTL Expat Capital Raise Amendment
- During COVID a temporary restriction was added to limit ex-pat capital raising funds to be for the sole purpose of a purchase of a BTL property in the UK. This temporary restriction has now been lifted.
- The rules & checklist items that governed this requirement has now been removed
SUPPORTING DOCUMENTS (guides uploaded to the website)
- Residential & BTL Product guides
- Residential/BTL/Expat Criteria guides
- Residential & BTL Checklist Item guides