With three bands of products, covering light to heavy adverse, rates start at 5.55 per cent on two-year fixed status deals, up to 75 per cent loan-to-value (LTV). A two-year fixed self-cert mortgage is available from 5.80 per cent up to 75 per cent LTV.
FML is offering a choice of CCJ criteria, with clients allowed either two CCJs of unlimited amount or unlimited CCJs up to £2,000.
Paul Brett, chief executive officer of FML, said: “We wanted to cater for different types of people, from the business man to the lower income family. It covers both bases and gives brokers choice. We’re a smaller lender, but we have an agility big lenders don’t. We agree it’s very difficult to compete with the big, successful lenders, so we’re looking to be more creative and think outside the box. It will take the smaller lenders to lead the market in innovation.”
Mark Chilton, managing director of Purely Mortgages, commented: “The way it has positioned itself is unique, but it’s hard to know if the criteria will add much to the totality of the market. While big lenders are more and more constrained by securitisation and their own processes, they are at the forefront of innovation. However, small lenders do have the ability to move faster.”
