TBMC has launched a new exclusive buy-to-let mortgage with Hanley Economic Building Society.

The initial rate is a 3.90% two year discount (1.29% off the lender’s SVR) and it is available up to 80% LTV.

There is no booking fee and no lender completion fee.

Andy Young (pictured), chief executive at TBMC, said: “We are delighted to launch this excellent buy-to-let exclusive with Hanley Economic. The new product, a 3.90% two year discount, is highly competitive in the 80% LTV bracket especially as it has no completion fee, which will make it very attractive to brokers and their landlord clients.

“As the buy-to-let mortgage market has continued to expand in 2014, there is more competition among lenders. This has resulted in lower rates and higher lending levels. We continue to work closely with Hanley Economic on their buy-to-let product design, to ensure that their rates are at the forefront of the market.”

Rob Hassall, business development manager at Hanley Economic Building Society, added: “Hanley Economic is committed to providing market-leading products in the buy-to-let mortgage market by taking a targeted approach to its product design. This means looking closely at the current marketplace to ascertain the needs of landlords.

“Buy-to-let property investors often like to employ higher gearing in their property portfolios and higher LTV products can help to address this aim. In addition to this, high completion fees can be off-putting, so we are confident that this new product, with no completion fee will be popular among landlords.

“We are distributing this product solely through TBMC in order to control business volumes and to benefit from TBMC’s buy-to-let knowledge and expertise.”