The product has a 3% completion fee and no early repayment charges.
Andy Young, chief executive at TBMC, said: “This new exclusive buy-to-let mortgage is an excellent product and very competitive in the 75% LTV bracket for 2-year fixed rates.
“Given the popularity of 2 -year rates with brokers and their landlord clients, we expect to receive a high demand for this product.”
Young said TBMC has been working with a number of lenders to design specific products to meet the needs of landlords, based on its market research.
He said: “We now have a range of exclusives with Hinckley & Rugby which have generated a high level of new applications.”
Gill Vernau, responsible for intermediary development at Hinckley & Rugby, added: “This new 2-year fixed rate is even better than our previous exclusive deal through TBMC and should attract a lot of interest. Using selective distribution for certain products is proving to be a good strategy for us in the buy-to-let arena.”
