TMA launches buy-to-let remortgage with Skipton

TMA launches buy-to-let remortgage with Skipton

TMA Mortgage Club has launched an exclusive two-year buy-to-let fixed rate home loan at 2.49 per cent with Skipton Building Society.

The product is available up to 70 per cent loan-to-value for remortgage customers only, and it comes with £500 cashback, a free standard valuation and no application or product completion fees.

It is available on a repayment or interest-only basis to TMA members and appointed representatives of the First Complete and Pink networks throughout England, Scotland and Wales.

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There is no minimum loan size, while the maximum is £750,000.

Early repayment charges are 2 per cent until 30 September 2018 and 1 per cent until 30 September 2019, with a maximum of 10 per cent overpayment allowed in each year.

Rob McCoy, senior product and business manager at TMA, said: “As the industry prepares to implement the buy-to-let market Prudential Regulation Authority (PRA) changes, ahead of September’s deadline, we are seeing increased customer activity. 

“We are therefore delighted to be launching an exclusive product with Skipton at this time. We are particularly excited about our added cashback offer which will allow customers to use their own preferred conveyancer – something that has become popular with our members.”

Bob Riach, principal at Scunthorpe-based Riach Financial Advisers, said: “It sounds like a competitive rate, especially taking into account there is no product fee.

"It is interesting to see they are offering cashback instead of free legals – one or two lenders have started to do that because of the delays with conveyancers.”