The product has no arrangement or booking fee, is available up to 90 per cent LTV and utilizes a rental calculation of 100 per cent at the pay rate. The rate is fixed at 5.99 per cent (6.8 per cent APR) until 31 January 2012, followed by Bank Base Rate + 1.99 per cent for the remaining term.
John Malone, managing director of Premier Mortgage Service, said: "At a time when lenders are criticised for having high arrangement fees, how refreshing it is to see that TMW can provide a competitive deal and buck this trend. With increased pressure from within the BTL market due to falling rental yields, the combination of a high LTV, low rental calculation and competitive rate, I am sure that this product will be a big success with our members and their clients."
Paul Howard, director of intermediary sales at The Mortgage Works, said: "We enjoy working with PMS and transact a lot of business with them. I am confident that this product will appeal to their members and further boost this important relationship. It will certainly help get the BTL market off to a flying start in 2007."
