New Glasgow mortgage firm completes first case

The business, which is run out of an office in Glasgow’s Waterloo Street, caters for borrowers who do not fit with prime high street lenders, including standard status borrowers, those that are self employed or contract workers, people who require lending into retirement, and those with an imperfect credit history.

The mortgage, for the purchase of a terraced home in London, completed on Friday and was introduced to The Mortgage Lender through TMA who advised The Independent Mortgage and Loan Company where they would be able to place the case.

The borrowers are a young professional couple working as film producers. They opted for a two-year tracker.

The Independent Mortgage and Loan Company director, Tom O’Neill, said: “This was never going to be an easy case, but also it only needed grown up experienced underwriting. As film producers, the borrowers had non-standard incomes and a buy to let property in the background. They had previously switched it from repayment to interest only on the advice of their accountant, which resulted in the existing lender downgrading their credit rating.”

“From the start The Mortgage Lender’s underwriting team was accessible, they took a pragmatic, reasonable and rational approach to the case whilst all the time remembering there were two human beings at the centre of this difficult transaction. They spoke to the existing lender, examined the situation and satisfied themselves.

“If they came across a hurdle they came back to us to ask for more information and kept us and the client informed every step of the way. TML got the mortgage offer out really quickly given the complexity of the case and were mindful the client was at the centre of the process throughout. We were more than impressed.”

The Mortgage Lender sales and marketing director Pete Thomson, said: “We are absolutely delighted to have helped an introducer with a particularly complicated case and that we could help borrowers with non-standard incomes move into their new home.

“Our recent reduction in tracker rates combined with our compelling proposition for borrowers who aren’t being served by the High Street is proving popular with introducers.”

“We have a large number of applications that have reached offer and expect completions to ramp up over the coming weeks as we move from the initial launch stage to business as usual.”

The Mortgage Lender is a specialist intermediary only mortgage lender that caters for standard status borrowers who aren’t currently being served by High Street lenders, the self-employed and lending into retirement.

Mortgages are available up to 85 per cent loan to value with a two-year tracker that starts at 1.98 per cent, or as a two or five-year fix with rates as low as 2.41 per cent. The products can be accessed through networks, mortgage clubs and specialist distributors.