The first two PMPA exclusives are options within TMB’s Self 85 product that allows self certification of income to a maximum loan-to-value (LTV) of 85 per cent. A two-year tracker is set at Bank Base Rate (BBR) plus 1.24 per cent (currently 5.99 per cent) and has an arrangement fee of £1,499 but no early repayment charges (ERCs). A two-year fixed rate options of 5.59 per cent is also available, with a cashback of £750. The arrangement fee is £899 and ERCs of 6 per cent and 6 per cent apply in the first two years. Both products have an end date of February 2009 and revert to BBR plus 2.24 per cent. There are no higher lending charges (HLCs) on either of these products and they are available for purchase and remortgage.
Two PMPA exclusives are also on offer within TMB’s House to House product, both of which are two-year trackers with a maximum LTV of 85 per cent and end dates of February 2009, after which they revert to BBR plus 1.99 per cent. The first tracks BBR at plus 1.04 per cent (currently 5.79 per cent) with an arrangement fee of £899 and the second tracks BBR at plus 0.94 per cent with an arrangement fee of £1,250. There are no higher lending charges or early repayment charges for both these products and they are available for purchase and remortgage.
The PMPA semi-exclusive is a one-year tracker within TMB’s Buy-to-Let product, with a maximum LTV of 85 per cent. It tracks BBR at plus 1.14 per cent (currently 5.89 per cent) and reverts to BBR plus 2.24 per cent at the end date, February 2008. The product has a cashback of £250 and an arrangement fee of £699, with no higher lending or early repayment charges. It is available for purchase only.
Helen Hymos, PMPA’s lender relationship manager, said: “We are delighted that PMPA’s ongoing excellent relationship with TMB allows us to continue to offer outstanding value exclusives to our members’ brokers and their customers. The two-year self cert fixed rate at 5.59 per cent is already a really good rate with out the £750 cashback, so with the cashback it should prove to be very much in demand for remortgages. Likewise the two-year tracker at under 6 per cent is competitive and we expect demand to be high.”
Nigel Payne, managing director of TMB, said “Our commitment to packagers as a key distribution channel remains firm. PMPA’s wide distribution and the proven service excellence of its members make it the ideal partner for TMB and we hope the excellent working relationship – including a regular supply of exclusive products - continues well into the future to the mutual benefit of TMB, PMPA members, their brokers, and the brokers’ end customers.”
