TMB enhances product range
The products include self-cert fixed and tracker mortgages at 4.99 per cent for two years, house 2 house two and three-year tracker options at 85 per cent loan-to-value with a maximum loan size of £500,000 and a range of multi-buy-to-let tracker mortgages.
The required rental yield on the multi-buy-to-let tracker mortgages will now be based on a standard rate of bank base rate plus 0.75 per cent rather than self-financing at 125 per cent above the rental yield.
Nigel Payne, managing director at TMB, said: “The multi-buy-to-let proposition and its benefits have been widely welcomed by brokers.
“The rental yield calculation has now moved to a standard level at 0.75 per cent over bank base rate no matter what the charging rate and the product allows brokers’ clients to purchase or remortgage a portfolio of up to £5 million without a limit on the number of properties it can include. There aren’t any early repayment charges or higher lending charges which make this product an even more cost effective choice.”
TMB's Prestige range, aimed at high net worth individuals, has also been revamped. This now includes a range of tracker mortgages starting from 5.14 per cent, some without any early repayment fees, for maximum loan size of £1 million.
HBOS issued its preliminary results yesterday which highlights TMB’s contribution towards the group with gross mortgage lending at £2.28 billion.
Nigel Payne added: “It’s been a year of change at TMB. Going forward, we will be launching into new sectors this year, further boosting our service proposition and implementing major technological developments that will enhance the broker and packager experience when dealing with TMB online.
“We want to reaffirm our position to the packager and broker markets and I have no doubt that 2006 will be a year of continued development and growth for TMB.”