TMA has launched new ‘day one’ mortgage discounts on two-year residential and two-year buy-to-let remortgage products.
The discount on the two-year residential remortgage products has a 3.29 per cent initial rate, with a 1.95 per cent reduced rate for two years. The maximum LTV is 90 per cent with loans not exceeding £500,000.
At a lower 80 per cent LTV, loans of up to £1m are accessible for the two-year residential remortgage products, with this newly implemented day one discount.
The day one two-year buy-to-let remortgage product is also available at 3.29 per cent initial rate, although is reduced to 2.70 per cent for two-years. The LTV is 75 per cent with a maximum loan of £500,000.
TMA senior product and business manager Rob McCoy says: “Many lenders insist on the applicant having owned their property for at least six months, but for some buyers, they need remortgaging facilities a lot earlier. We are able to cater for borrowers who need access to more flexible remortgaging solutions.”
Buckingham Building Society head of lending Tim Vigeon adds: “It is important to recognise that no two mortgage applications are the same and that for some, a ‘day one’ remortgage is needed.
“By extending our relationship with TMA and offering these exclusive deals, we are confident that we can meet the needs of more intermediaries and their clients.”