The Mortgage Lender (TML) is increasing procuration fees by £300 for applications received from its distribution partners before the 31 December, so long as they subsequently complete.
The lender, which launched in July, provides mortgages for non-standard status borrowers, those that are self-employed or contract workers, people who require lending into retirement, and those with an imperfect credit history.
Pete Thomson (pictured), TML’s sales and marketing director, said: “Having successfully launched in mid July and with a pipeline already exceeding £50m, we have been able to offer a market leading tracker rate of 1.98%.
The last quarter of the year is where we had always planned to ramp up our sales activity. Our systems are tried and tested and we’ve already seen cases completing.”
The additional procuration fee of £300 is payable to distribution partners in addition to the agreed percentage fee. It is not available to introducers who place business directly with The Mortgage Lender.