The products are exclusive to the Professional Mortgage Packagers Alliance (PMPA), of which Knight Funding is a member, and available via its member packagers.
The TMB products include a two-year self cert fixed rate product at 4.99 per cent with an arrangement fee of £799 that can be added to the loan, and there is no higher lending charge on this fixed rate option. A two-year self cert tracker product is also on offer at 0.19 per cent above bank base rate, currently a pay rate of 4.69 per cent, with an arrangement fee of £1250 that can be added to the loan. Early repayment charges on these two products are 6 per cent during the opening rate period and do not extend beyond the 31.07.08. Maximum loan sizes are £500K at 85%, £1million at 75 per cent and £2million at 65 per cent. Both options are available for purchase and remortgage to employed and self-employed applicants.
The third TMB exclusive is a two-year self cert House to House (Buy to Let) tracker at bank base rate plus 0.59 per cent, with a current pay rate of 5.09 per cent. There are no higher lending charges and no early repayment charges on this product. The loan is based on self certified income so there is no rental yield calculation. The product is also available to first time buyers although proof of income would be required. The maximum loan size is £500K at 85 per cent.
Frances Scanlan, ceo of Knight Funding, said: “These TMB exclusives, via the PMPA, offer excellent value to borrowers at the moment, and we expect high levels of demand from brokers looking for keenly priced products that are appropriate for their clients’ needs. With swap rates on the increase the two-year fixed rate with no higher lending charge looks particularly good value for self certification applicants at the moment. ”
