The initial 2-year discount rate is 3.90%, which is 1.29% cheaper than the lender’s standard variable rate, while there is no booking and lender completion fee.
Andy Young, chief executive at TBMC, said: “As the buy-to-let mortgage market has continued to expand in 2014, there is more competition among lenders.
“This has resulted in lower rates and higher lending levels.
“We continue to work closely with Hanley Economic on their buy-to-let product design, to ensure that their rates are at the forefront of the market.”
Rob Hassall, business development manager at Hanley Economic Building Society, added: “Buy-to-let property investors often like to employ higher gearing in their property portfolios and higher LTV products can help to address this aim.
“In addition to this, high completion fees can be off-putting, so we are confident that this new product, with no completion fee will be popular among landlords.
“We are distributing this product solely through TBMC in order to control business volumes and to benefit from TBMC’s buy-to-let knowledge and expertise.”
