Specialist intermediary-only new entrant The Mortgage Lender has moved closer to launch after receiving its FCA authorisation.
The Mortgage Lender has already revealed its products will cater for specialist requirements including standard status borrowers, self-employed, lending into retirement and borrowers with a level of impaired credit history.
The products will be available through networks, mortgage clubs and specialist distributors from launch and are available up to 85 per cent loan to value with a two-year tracker that currently starts at 2.20 per cent, or as a two or five-year fix with rates as low as 2.42 per cent.
The Mortgage Lender chief executive Trevor Pothecary said:
“We’re delighted to confirm our FCA authorisation. We’ve received considerable support from the Regulator since we started talking to them at the beginning of 2015 and bringing a new lender to market in 2016 is rightly a more detailed and time-consuming process than it was when we started Mortgages plc in 1997.
The market needs innovation and competition to keep it healthy and we will see a few new lenders coming to market over the coming years, which can only be a good thing for the consumer.”
The Mortgage Lender has been set up by a team that includes former executives of Mortgages plc, one of the best known names in the specialist lending market, securitising over £7bn of mortgages. In 2004 it was acquired by Merrill Lynch.