Under its property investment mortgage brand, the company has introduced the fixed BTL product, which is fixed until 30 June 2008. There is an early repayment charge of 7 per cent for the fixed term. It is available at a loan-to-value of up to 85 per cent and a flexible pay rate rental calculation is offered.
The product is available exclusively to brokers via TBMC with varying completion fees from £750 for 125 per cent at pay rate, £1,000 for 110 per cent at pay rate to £1,250 (
for 100 per cent at pay rate.
Andy Young, chief executive officer at TBMC, said: “The 4.65 per cent fixed BTL mortgage is likely to be very popular with advisers and landlords alike with such a competitive initial rate, which so often influences the choices of BTL clients.”
Nick Gardner, director at Chase De Vere, said: “Mortgage Trust offers a deal at 4.55 per cent until end of May 2008, with 1.5 per cent fee, and that’s the only deal with a lower headline rate than TBMC’s – but as you can see the fee is far bigger. The nearest deal with a reasonable fee is 5.39 per cent from Mortgage Trust, fixed until 31 May 2008.
“The TBMC deal looks very good value, and it’s a clever detail offering the different rental calculations, which will suit a variety of different borrowers. With the 100 per cent rental calculation I can see this being a very popular deal.”
