The deal is available up to 70% LTV and has a £899 arrangement fee and £75 completion fee. Early repayment charges of 3% apply for the term.
The mortgage is not available to professional landlords.
Andy Young (pictured), chief executive of TBMC, said: ‘The product is highly competitive in the 70% LTV bracket, offering one of the lowest initial rates available at 3.74%. In the current marketplace, products normally have either a low initial rate and high fee or a high initial rate and low fee. However, this offers the best of both worlds.
“This is a great product, especially for amateur landlords, with Darlington accepting a maximum of three properties. We are expecting the product to be popular with intermediaries and their landlord clients, but there is a limited tranche of funds available via TBMC only, so those who are interested should be quick off the mark.”
David Copland, marketing and sales controller at Darlington Building Society, said: “The buy-to-let mortgage market is continuing to show signs of growth and Darlington is looking to increase its levels of buy-to-let business in 2012.”
