The Mortgage Lender says it will offer mortgages to the self-employed, older borrowers and those with poor credit when it launches in May.
The broker-only lender will have products available up to 85 per cent loan to value with a two-year tracker from 2.19 per cent, or as a two or five-year fix with rates from 2.41 per cent.
The Mortgage Lender says brokers can submit, track and manage their applications online as well as get an immediate decision in principle.
The Mortgage Lender chief executive Trevor Pothecary says: “Launching a new lender from scratch has given us the ability to design our systems and our products so they work for intermediaries and borrowers today.
“We recognise the lending landscape has changed, working patterns have changed, people are in employment longer and making use of mortgages later in life. There are more contract workers and people have had issues with their credit history, often through no fault of their own.
“Our range is simple and meets the needs of all of these segments of the market at affordable and competitive rates.”
The range will be available to home buyers and people who are remortgaging.
Rates revert to LIBOR plus 4.5 to 5 per cent at the end of the fixed rate or tracker period.
Mortgage Strategy first revealed that The Mortgage Lender was set to launch in February.