According to the lender, both products are fixed at 3.79% for five years up to 70% loan-to-value and have a 130% at payrate rental calculation. The remortgage only version also has a free valuation and assistance with legal fees.
Jane Simpson, managing director at TBMC, says: “We are delighted to launch these new buy-to-let exclusives with Dudley Building Society and expect them to be popular with intermediaries and their landlord clients. We have seen a growing interest in five year fixed rates over the last few months and the recent PRA regulations relating to income coverage ratios (ICRs) means that they are likely to be in increasing demand.
The PRA regulations effectively exclude five year fixed rates which means that lenders can set their own ICRs for these products. These buy-to-let exclusives with Dudley have a very achievable ICR of 130% at 3.79% and the Early Repayment Charges only apply for two years, which will make them very attractive to landlord clients especially as the market is so uncertain at the moment.”
Jenny Hawthorne, Business Development Manager, at Dudley Building Society, said: “We are pleased to be working with TBMC to develop our buy-to-let mortgage proposition and have designed these two buy-to-let mortgages specifically to meet the current demand from landlords. We have chosen to distribute these products exclusively through TBMC, whose experience and expertise in the buy-to-let market will help ensure we receive the right level and quality of new business.”
