The Mortgage Lender (TML), part of Shawbrook Retail Mortgages, has expanded its residential proposition with the launch of new 95% LTV 2-year and 5-year fixed-rate purchase products, designed to support home buyers struggling to raise larger deposits amid continued cost-of-living pressures.
The products are aimed at borrowers with strong affordability but limited savings - a demographic that continues to grow as high rents and rising household costs constrain the ability to build a 10% deposit - even when they have the income and the appetite to buy.
The launch follows findings from TML’s recent Home A-Loan research, which revealed that 46% of first-time buyers have had a mortgage application declined, with deposit size identified as one of the most common obstacles. Despite overall approval rates sitting at 71%, the data shows first-time buyers remain disproportionately affected by affordability and deposit constraints.
Rates start from 6.44%, with a choice of fee and fee-free options to give brokers greater flexibility when structuring cases.
Steve Griffiths, Commercial Director of Retail Mortgages at Shawbrook, commented: “The desire to own a home remains incredibly strong, but for many buyers the deposit has become the defining hurdle. By reducing the upfront requirement from a typical 10% deposit to just 5%, our new 95% LTV range offers a realistic pathway forward - supporting customers who are underserved by mainstream lending such as the Self Employed or those with variable or complex income streams. With financial pressures from rising living costs to constrained household budgets making it harder than ever to save for a larger deposit, this launch reflects TML’s continued commitment to providing solutions that meet the realities of today’s market.”
