Available to 90% loan-to-value (LTV), the two-year house-to-house tracker product (to 31 July 2009) has a rate of Bank Base Rate plus 0.99%, reverting to TMB’s standard variable rate at the end of tracker period, and is available for purchase and remortgage.
The arrangement fee is £799 and early repayment charges are 5% in year one and 4% in year two
Helen Hymos, lender relationship manager at PMPA, said: “TMB’s house-to-house product, which uses the applicant’s earned income to assess affordability rather than basing it on a rental ratio, has been a very popular option with all brokers handling buy to let business. We expect very high demand for this very competitive rate. In addition, the top LTV of 90% - which is not widely available in this marketplace, enables brokers to offer the product to a wider than normal range of landlords wishing to maximise their borrowings on both remortgages and purchases.”
David Murphy, TMB’s sales and marketing director, commented: "We're delighted to offer this very competitive house-to-house exclusive product through PMPA members. TMB's house-to-house product has established itself as a very important part of the growing buy-to-let market and has been a key part of TMB's success story over the last 12 months."
