The best-buy product is a 3.25% two year discount offered at up to 60% LTV with free valuation and no early repayment charges. There is also a £250 arrangement fee and a £999 completion fee.
Andy Young, chief executive at TBMC, said: “The low initial rate and flat fees should make this product very attractive to brokers and their landlord clients looking to purchase or remortgage rental properties.”
He added the thinking with this product is that at 60% LTV, alot of the business is remortgaging so we wanted to keep the fees low, as a lot of lower rates have higher fees, but we also wanted to offer a free valuation after listening to our customers.
Gill Vernau, responsible for intermediary development at Hinckley & Rugby said: “2011 was a good year for buy-to-let with marked improvements in the marketplace. Hinckley & Rugby is currently looking to increase business for loans up to 60% LTV.”
All applications must be directed through TBMC.
