The Mortgage Lender has announced rate reductions across its residential and buy-to-let product lines, in a move aimed at broadening affordability options for borrowers with complex income or credit backgrounds.
On its residential range, Shawbrook Retail Mortgages has confirmed that rates have been reduced by up to 25 basis points on RL0 and RL1 products, across all loan-to-value tiers up to 90%.
The changes are intended to give advisers greater choice for clients who fall outside of mainstream lending criteria.
In buy-to-let, TML has cut rates by 5 basis points on five-year fixed products with fees for standard properties, and by 10 basis points on five-year fixed products for houses in multiple occupation and multi-unit blocks.
The lender said the decision was designed to give landlords and property investors greater access to long-term fixed rates, while maintaining support for advisers working with clients in a challenging market.
Steve Griffiths (pictured), chief commercial officer at TML, said: “At TML, we’re committed to evolving our proposition in step with advisers and their clients.
“These latest rate reductions across both our residential and buy-to-let ranges allow us to provide even more options for a wider range of mortgage customers – whether it’s a first-time buyer looking to maximise their affordability based on their income make up, to professional landlords seeking stability in today’s market.
“We’ll continue to review our products to ensure we’re delivering solutions that reflect real-life needs, while working closely with brokers to support their clients’ ambitions.”
