The Leek United Building Society has launched a two-year, buy-to-let fixed rate product available exclusively to TMA Club for Directly Authorised advisers.
The exclusive has a 1.84% fixed rate to 31 August 2020 for loans up to 75%.
Product application fees are £100 and additional product fees can be added to the loan or paid upfront. The product is available for both portfolio and non-portfolio landlords.
The scheme also offers free standard mortgage valuation for all purchase, remortgage or further borrowing applications on a maximum portfolio of 15 properties. Like for like remortgage applications with no additional borrowing also benefit from a lower rental calculation of at least 125% of mortgage interest calculated at an interest rate of 5.5%. This is as opposed to the standard 140% at 5.5%
Rob McCoy, senior business and product manager at TMA, said: “Leek United Building Society has always been fully supportive of Directly Authorised firms. We are delighted to be offering this product as an exclusive to provide our members with the most innovative and competitive products, particularly at a time when rate rises are looming.
“We are sure this will be a popular product with our members and look forward to continuing to strengthen our relationship with such a highly-regarded building society.”
Clare Beardmore, head of mortgage sales at the Leek United Building Society, added: “This new buy-to-let rate is 0.05% lower than the comparative ‘mainstream’ product in our new range, and we’re delighted to be able to offer it exclusively to TMA Club’s members.
“Our reputation is built on a commitment to providing the highest standards of personal service and we look forward to working directly with TMA’s advisers to provide them and their customers with the high-quality products and service they continually deliver.”