Product Transfer Guide for residential and buy-to-let mortgages from The Mortgage Lender Limited (TML), intended for professional intermediaries only. Below is a summary of the key points:
Range Highlights
- Fixed Products: 2-year and 5-year fixed-rate products are available.
- Fee-Free Transfers: All product transfers are fee-free.
Key Criteria
- Suitable for customers with:
- Less-than-perfect credit.
- Complex income types.
- Self-employed status.
- Eligibility requirements:
- No current arrears balance and no missed payments in the last 12 months.
- Customers with missed payments in the last 12 months may qualify if the last 3 months’ payments have been met and there are no current arrears.
- Loan amount must remain the same (no additional borrowing).
- No changes to repayment profile, borrowers, or security.
- Minimum account term remaining: >2 years (customers with <5 years remaining are eligible only for 2-year products).
- Early repayment charges (ERCs) apply for both residential and buy-to-let products.
Residential Product Transfer Range
- 2-Year Fixed Products: Initial rates range from 5.74% to 6.14% depending on Loan-to-Value (LTV).
- 5-Year Fixed Products: Initial rates range from 5.54% to 5.99% depending on LTV.
- Revert rate: TML’s Residential Base Rate + 3%.
Shared Ownership
- 2-Year Fixed Product: 6.49% initial rate at 75% LTV.
- 5-Year Fixed Product: 6.39% initial rate at 75% LTV.
- Revert rate: TML’s Residential Base Rate + 3%.
Buy-to-Let Product Transfer Range
- Available to individuals, limited companies, and LLPs for all existing customer LTVs.
- 2-Year Fixed Products: Initial rates range from 5.74% to 6.19% for standard properties and 6.08% to 6.48% for HMO/MUB properties.
- 5-Year Fixed Products: Initial rates range from 5.44% to 5.99% for standard properties and 5.83% to 6.29% for HMO/MUB properties.
- Revert rate: TML’s Buy-to-Let Base Rate + 3%.
Holiday and Short-Term Lets
- Available to individuals, limited companies, and LLPs for all existing holiday and short-term lets customer LTVs.
- 2-Year Fixed Products: Initial rates range from 6.08% to 6.48% depending on LTV.
- 5-Year Fixed Products: Initial rates range from 5.83% to 6.29% depending on LTV.
- Revert rate: TML’s Buy-to-Let Base Rate + 3%.
Early Repayment Charges
- Residential Products:
- 5-Year Fixed: 5% (Year 1), 4% (Year 2), 3% (Year 3), 2% (Year 4), 1% (Year 5).
- 2-Year Fixed: 3% (Year 1), 2% (Year 2).
- Buy-to-Let Products:
- 5-Year Fixed: 5% (Years 1-2), 4% (Years 3-4), 3% (Year 5).
- 2-Year Fixed: 3% (Year 1), 2% (Year 2).
Additional Notes
- Customers with LTVs higher than 80% (residential) or 75% (buy-to-let) will be eligible for the highest LTV product, displayed as 95% LTV in the TML Product Transfer online portal.
- Once a product transfer offer is accepted, terms are locked, and changes or cancellations will incur early repayment charges.
RetailMortgageProducts@shawbrook.co.uk