The first of these products is a two-year fixed rate of 6.34 per cent on TMB’s Self 85 range, fixed to 28 February 2010, after which the rate reverts to SVR. There is an arrangement fee of £1,999 and the early repayment charges are 6 per cent to 28 February 2009 and 5 per cent to 28 February 2010.
The second is a three-year tracker rate on TMB’s House 2 House range, to 28 February 2011, with a maximum LTV of 85 per cent. The rate is bank base rate plus 0.40 per cent, with an opening rate of 6.15 per cent and there is an arrangement fee of £1,750. Early repayment charges are 5 per cent to 28 February 2009; 4 per cent to 28 February 2010; and 3 per cent to 28 February 2011. The maximum loan size on this product is capped at £300,000.
There are no higher loan charges applied to both of these exclusive products.
Helen Hymos, PMPA’s lender relationship manager, commented: “Intermediaries should welcome this self cert fixed rate deal. We have to adjust to the fact that rates have increased significantly but this rate is among the lowest fixed in the market in self cert HLC free. With a fixed arrangement fee it will have significant advantages for larger loans.
"TMB’s House to House product has always had wide appeal especially where deals do not fit on rental yields and because it is available to FTBs. As rates are likely to come down during the next three years, I feel a tracker over three years has advantages over a fixed for the same period. PMPA is privileged to have the best of TMB’s exclusive offerings and our relationship with them is very important to the group in these critical times
Nigel Payne, managing director of TMB said: “TMB remains committed to our packaging partners and this means supporting them in every market condition. With so many products in the market being withdrawn it’s great to be able to offer these new rates, backed up with a five-star service from TMB to all PMPA members.”
