The initial rate is 4.49 per cent, which is a base rate tracker plus 0.49 per cent to 1 February 2003, which is then followed by a 1.49 per cent tracker rate. The product is available up to 85 per cent loan to value (LTV) for self-certification and 95 per cent LTV for full status. All cases are individually underwritten with no credit scoring. Other features include a refund of the valuation fee, and standard legal costs met by TMB
The mortgage allows solicitors to utilise a title insurance product which can reduce the time taken between the mortgage offer and completion of the loan, by allowing them to proceed without the local search results or usual solicitor checks being received.
Bill Dudgeon, managing director of TMB, said: "Many people will come out of the Christmas period with quite a financial burden and steep credit card charges. This is an ideal way of allowing clients to restructure their finances at lower interest rates. We have even taken care of the upfront fees by refunding the valuation fee and providing a free legal package in order to make this as painless as possible for the applicant."
