The Mortgage Lender (TML) has reduced the cost of its tracker mortgages.

The Glasgow-based lender is now offering rates from 1.98%.

Its mortgages cater for segments of the market that are under served by the High Street lenders including standard status borrowers, lending into retirement, contract workers, the self-employed and people with light impaired credit.

Pete Thomson (pictured), The Mortgage Lender’s sales and marketing director,  said: “Highly competitive pricing is one of the ways we seek to differentiate ourselves from our competitors.

“Being able to offer a tracker rate that is less than 2% sets us apart and provides our introducers and consumers with a real alternative to the High Street.”