TBMC launches buy-to-let fixed rate

The product is released via Property Investment Mortgages in association with Paragon Mortgage Lending.

John Olney, TBMC’s Head of Buy to Let Lending said: ‘This well designed product provides the ideal solution at a time when rent stress formulae have been restricting loans against property values. When checking the product against other companies on our rent stress calculator, it shot straight to the top of the list. Rent stress calculation is at pay rate times 130%’

Brief details of this product are:

- 5.18% Fixed until 30.04.07

- 85% LTV

- 1% Lender’s Arrangement Fee (added to advance)

- Early Repayment Charge 6 Months interest in first 4 years

John added: ‘Whilst there is a two year overhang, this is off-set by the low rate at commencement of the loan providing a very acceptable average rate for the period.’