TBMC has launched a new exclusive buy-to-let mortgage from Mortgage Trust.
The initial rate is 4.75% fixed until 30/06/2015 with a free valuation and no completion fee. The early repayment charge is 5% until 30/06/2016 and there is a £150 booking fee.
Andy Young (pictured), chief executive at TBMC, said: “We are delighted to launch this new buy-to-let exclusive from Mortgage Trust with no completion fee, because even though the buy-to-let mortgage market is becoming more competitive, many of the products on offer carry high percentage fees. This can raise the overall cost of the mortgage substantially, especially for larger loans; therefore products with no completion fee can be very attractive for landlords.
“Offering a free valuation also reduces the upfront cost involved in arranging the mortgage, so although the early repayment charges apply until 2016, the overall cost of this product will make sense to landlords looking to fix their costs in the short term.”
Paul Clampin, director of mortgage underwriting at Mortgage Trust, added: “Mortgage Trust is a keen player in the buy-to-let mortgage market and designs its product ranges to meet the diverse needs of UK residential property investors. We recognise that high initial set-up fees can be off-putting to some and this new product reflects this. It balances the requirement for low upfront costs with affordable monthly repayments, and is also available for large loans of up to £500,000 at 75% LTV and up to £1,000,000 at 70% LTV.
“We have chosen to distribute this product exclusively through TBMC in order to manage business quality and volume.”