TBMC has launched a new buy-to-let two year variable rate product with Axis Bank.
It is available for limited companies, HMOs, expats and student lets. The initial rate is 3.69% (LIBOR + 3.10%) up to 75% LTV with a 1.5% completion fee.
Jane Simpson, managing director at TBMC, says: “TBMC is a highly experienced buy-to-let mortgage specialist and we are pleased to launch this new product with Axis Bank, which we are expecting to be popular with brokers and their landlord clients.
“The rate is especially competitive in niche areas of the buy-to-let market. At TBMC we are seeing a steady demand for limited company and HMO buy-to-let mortgages and this product stacks up well against other rates that are available in this specialist area.
“It has a rental calculation of 125% at 5% which is appealing in today’s environment of rising rent stress tests and there are no early repayment charges, which may be an attractive feature for some applicants. The product is also a good option for expat landlords where choice can sometimes be limited.”
Andrew Ferguson, head of buy-to-let mortgages at Axis Bank, says: “We are pleased to extend our buy-to-let product range with this new two year, ERC free, variable rate as Axis Bank continues to focus on offering a competitive mortgage proposition to landlord clients.
“We have been working with TBMC since launching in the buy-to-let mortgage market and they continue to be an important distributor for Axis Bank. We have found working with specialist buy-to-let partners such as TBMC to be a successful strategy for generating quality new business.”