The product is available fixed for three years until 1 March 2011 at a rate of 5.99 per cent. There is an Early Repayment Charge of 6 per cent for the fixed term only.
It is available up to 85 per cent loan to value and has a 1 per cent completion fee. The rental calculation is 110 per cent at the pay rate.
Andy Young, TBMC's CEO, said: "This is a really competitive product in the current buy-to-let market especially with so many lenders withdrawing products or increasing rates. Even though there are some lower rates available in the marketplace at the moment, they come at a cost with much higher completion fees, often being charged at around 2.5 per cent. The initial rate of this new product is near to the front of the market, but the low 1 per cent completion fee makes it exceptionally attractive."
"TBMC is highly focused on its product offering to ensure that we are providing the best buy-to-let proposition to intermediaries. It has been hard over the last few weeks to find good products to sell, so it is encouraging to see that lenders are starting to feel more confident and are providing better buy-to-let deals."
