The product tracks bank base rate plus an additional 1.86 per cent, giving it an initial rate of 4.86 per cent. It then reverts to bank base rate plus 4.96 per cent after two years. It is available up to 75 per cent LTV, has an application fee of £150 and a completion fee of two per cent.
Early repayment charges of two per cent and one per cent respectively apply for the first two years.
Steve Griffiths, sales director at TML, noted that the mortgage market and wider economy was in a “state of flux”.
He continued: “Our new product has been developed with the aim of providing a greater choice of alternative products for borrowers to suit their needs and provide a level of flexibility as they seek financing options at this time.
“This product range highlights our efforts to provide real-life lending solutions to brokers and borrowers, whether remortgaging or financing for the first time.”
