TMB plan to launch a full range of products on 1 November 2004.
The Prestige mortgage is for loans over £500k and is a lifetime tracker at Bank Base Rate (BBR) plus 0.99 per cent. It's House 2 House product is for a single buy-to-let and is based on single income rather than rental yield and has a rate of BBR plus 1.79 per cent. The Ten to Let product is a buy-to-let loan based on a rental yield of 125 per cent and is priced at BBR plus 1.99 per cent. All products have a maximum LTV of 75 per cent.
Mark Bergin, director of sales and marketing, said: "This is very much a softly-softly return to the market. We didn't want to launch and immediately face an avalanche of business. You're never quite sure how the market will react and through these three products we will gauge how the market responds before launching the full range.
"We have spent our time out of the market clearing the backlogs plus it also allowed us the opportunity to review our processes following the launch of our new computer system at the end of last year. There is also a certain amount of staff training needed with a new system and we've also concentrated on this."
