These include a 3.99% variable discount for term up to 75% LTV with a £995 arrangement fee, and a 4.95% 2 year variable discount up to 80% LTV with no arrangement fee. Both products have a free valuation for properties valued up to £250,000 or £240 contribution if over £250,000.
Andy Young, chief executive at TBMC, said:
“We are delighted to be working with Hanley Economic Building Society as the sole distributor in the intermediary sector of its new competitive buy-to-let mortgage offering. These two exclusive products are keenly priced and are a welcome addition to TBMC’s product range.
“The 80% LTV product with a free valuation and no arrangement fee is particularly attractive, and should be popular with landlord clients looking to employ higher gearing in their property investments. The 75% LTV product with a discount for the full term of the loan will have high appeal with landlords, removing the need to seek to remortgage every 2 to 3 years. It is encouraging to see a new lender entering the buy-to-let arena, providing more options for brokers and landlords to choose from."
Rob Hassall, Business Development Manager at Hanley Economic Building Society, said:
“We are thrilled to be working with TBMC to launch our new buy-to-let mortgage rates. At Hanley, we have been looking at ways to extend our product portfolio to meet the needs of customers and identified the opportunity that the buy-to-let sector offers. The buy-to-let mortgage market has developed considerably over the last couple of years and these new products have been designed specifically to stand out from the crowd.
“We have chosen to team up with TBMC, whose expertise in the buy-to-let mortgage market and extensive distribution network will undoubtedly help us to reach our lending targets in this sector. In 2013 we were delighted to win the Moneyfacts Regional Lending provider of the year on the back our competitive residential mortgage products and excellent customer service. We now aim to repeat our success with TBMC into the buy-to-let market.”
