TSB has launched two new mortgages for buy-to-let landlords looking to remortgage.
Both products will be for those with a 60 per cent to 75 per cent loan-to-value.
The first is a two-year tracker with rates starting from 3.04 per cent, while the other is a two-year fixed rate mortgage with rates from 3.24 per cent.
Earlier this week, the bank’s adviser arm stated it saw 18,000 new customers and 8,000 brokers in its first year since returning under its own brand. It also launched 140 products and took 8,200 calls by November.
Roland McCormack, TSB’s mortgage intermediary director, said: “TSB was born to bring competition to the market, and we’re already proving to be a significant player in the intermediary space.”
David Hollingworth, associate director of communications at London & Country Mortgages, said TSB had certainly made a splash in the mortgage market last year and was now a well-established player.
He added: “The buy-to-let market remains hugely competitive and lenders are pricing sharply as it faces some uncertainty given the forthcoming stamp duty changes.
“As a result we’re bound to see remortgage business targeted, and help with costs to feature for existing landlords seeking a new deal.
“These products are up against some stiff competition and could struggle against some sharp rates from the likes of Natwest, The Mortgage Works, Accord and Virgin Money,” he added.
Buy-to-let two-year fixed for remortgagors
New Code | LTV | Fee | New Rate % |
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INA184 | 60 - 75% | £1,995 | 3.24 |
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INA185 | 60 - 75% | £995 | 3.39 |
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INA186 | 60 - 75% | £0 | 3.59 |
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Buy-to-let two-year tracker for remortgagors |
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New Code | LTV | Fee | New Rate % |
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INA187 | 60 - 75% | £1,995 | 3.04 |
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INA188 | 60 - 75% | £995 | 3.19 |
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INA189 | 60 - 75% | £0 | 3.39 | ||||||||||
peter.walker@ft.com
