TBMC has launched a new exclusive buy-to-let mortgage from Mortgage Trust.
The initial rate is 2.88% for two years (LIBOR + 2.28%) with a free valuation for purchases and remortgages and free legals for remortgages only, available up to 75% loan-to-value.
Andy Young (pictured), chief executive at TBMC, said: “We are delighted to offer this excellent new exclusive buy-to-let mortgage with Mortgage Trust. The initial rate of 2.88% is highly competitive and the added incentives make this a very attractive product.
“TBMC has seen loan-to-values rise for buy-to-let applications received in 2013 and the average loan-to-value for mortgage offers processed in Q2 this year was 73.91%. A large proportion of landlords are interested in products with a maximum loan-to-value of 75% and the new Mortgage Trust exclusive is a great option at this lending level, especially as the completion fee can also be added to the loan.”
Paul Clampin, director of underwriting at Mortgage Trust, said: “Mortgage Trust is dedicated to providing competitive financial solutions to landlords in the UK. The buy-to-let mortgage market is constantly changing and we monitor our product positioning on a daily basis.
“This product has been designed to attract quality applications from private investor landlords looking to purchase or remortgage existing buy-to-let properties 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 are offering this product exclusively through TBMC which has established buy-to-let expertise and excellent distribution channels.”