TML enhances residential and buy-to-let criteria

Shawbrook has announced enhancements The Mortgage Lender’s (TML’s) residential and buy-to-let mortgage propositions, aimed at providing more options and improved accessibility for a wider range of borrowers.

One of the key changes includes expanded eligibility for non-UK nationals who do not yet have indefinite leave to remain but have demonstrated stability and commitment through UK residency and employment. 

Applicants working in the UK on a skilled worker or health & care visa may now qualify for a mortgage with TML, subject to meeting specific criteria.

These borrowers may be eligible for up to 90% LTV for residential mortgages and 75% LTV for buy-to-let, based on a minimum of one year’s UK residency, a valid UK work visa with at least six months remaining, and a minimum income of £50,000.

Additionally, the lender has broadened its buy-to-let criteria to support landlords letting out properties they have either previously lived in or inherited.

Steve Griffiths (pictured), commercial director for retail mortgages at Shawbrook, commented: “These changes reflect our ongoing mission to provide more opportunities for customers who are often underserved by traditional criteria. By broadening our approach to include skilled workers and landlords in more nuanced circumstances, we’re helping to equip brokers with the options they need to support a wider range of client needs. Our goal is to remove barriers where possible and make homeownership and property investment more accessible.”

Shawbrook acquired TML in 2021 and recently brought together the teams at Bluestone Mortgages and TML to form a single, unified specialist mortgage operation.