The rate is a 2.75% variable term discount (2.44% off the lender’s SVR) available up to 60% loan-to-value and with no completion fee. There is also a free valuation for properties up to £250,000 or a contribution of £260 for properties over £250,000.
Andy Young, chief executive at TBMC, said:
“We continue to work closely with Hanley Economic Building Society to develop a range of keenly priced buy-to-let mortgages. This new addition is market-leading and is a great product for landlord clients with higher deposits. The fact that the discount is available for the lifetime of the loan means that landlords can benefit from a reduced rate beyond the typical two year and three year periods on offer in the marketplace. The product is particularly attractive as it comes with a free valuation and no completion fee, which means that upfront costs are low too.
“For those landlords looking for a higher level of borrowing, TBMC also has two existing exclusives with Hanley Economic. These include a 3.50% variable term discount up to 75% LTV with no arrangement fee, and a 4.09% variable term discount up to 80% LTV with a £999 arrangement fee.”
Rob Hassall, Business Development Manager at Hanley Economic Building Society, said:
“Our buy-to-let mortgage products are proving popular with brokers and their landlord clients. By offering a discount for the lifetime of the loan, we can provide a highly competitive rate and a longer-term solution for those who would prefer not to remortgage every few years in order to get the best deals. Our distribution partnership with TBMC is proving successful, delivering good quality applications at the required volumes.”
