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The Mortgage Lender increases proc fees


The Mortgage Lender (TML) has announced that it is increasing its procuration fees by £300 for applications that subsequently complete from its distribution partners.

The scheme, which will run until 31st December 2016, includes applications from borrowers who are self-employed, contract workers, retirees or those with imperfect credit history.

The procuration fee is in addition to the agreed percentage fee, but is not available to introducers who are directly dealing with TML.

Mortgages are available up to 85% LTV with a two-year tracker starting at 1.98%, or two- or five-year fix with rates from 2.41%

Pete Thomson, TML 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.”

TML launched in July and completed its first case last week.

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