TMBC unveils buy-to-let fixed deal

Under its property investment mortgage brand, the company has introduced the fixed BTL product, which is fixed until 30 June 2008. There is an early repayment charge of 7 per cent for the fixed term. It is available at a loan-to-value of up to 85 per cent and a flexible pay rate rental calculation is offered.

The product is available exclusively to brokers via TBMC with varying completion fees from £750 for 125 per cent at pay rate, £1,000 for 110 per cent at pay rate to £1,250 (

for 100 per cent at pay rate.

Andy Young, chief executive officer at TBMC, said: “The 4.65 per cent fixed BTL mortgage is likely to be very popular with advisers and landlords alike with such a competitive initial rate, which so often influences the choices of BTL clients.”

Nick Gardner, director at Chase De Vere, said: “Mortgage Trust offers a deal at 4.55 per cent until end of May 2008, with 1.5 per cent fee, and that’s the only deal with a lower headline rate than TBMC’s – but as you can see the fee is far bigger. The nearest deal with a reasonable fee is 5.39 per cent from Mortgage Trust, fixed until 31 May 2008.

“The TBMC deal looks very good value, and it’s a clever detail offering the different rental calculations, which will suit a variety of different borrowers. With the 100 per cent rental calculation I can see this being a very popular deal.”