This new product has a rate of 5.00% which is fixed until 31 December 2008 with an Early Repayment Charge of 7% for the fixed term only. It is available up to 90% loan to value and offers a flexible pay rate rental calculation with varying completion fees as follows:
- 100% at 5.00%– completion fee £1,500
- 110% at 5.00% – completion fee £1,250
- 125% at 5.00% – completion fee £1000
Andy Young, chief executive officer at TBMC: “This is a really competitive product in the buy-to-let market especially as the initial rate is 75 basis points below the current Bank Base Rate. Combined with a 100% rental calculation option and 90% loan to value, this product is likely to be very popular amongst intermediaries and landlords alike.
"The recent troubles in the US sub-prime mortgage market have impacted on the pricing of some lenders’ buy-to-let ranges, which is another reason why this product is likely to stand out in the crowd.
“We are highly focused on our product offering to ensure that it remains at the forefront of the market. We constantly analyse product offerings in the market place and work closely with lenders on product design, so we can be confident that we are providing the schemes that intermediaries want.”
