TMA Mortgage Club is giving its members an exclusive fee-free 75% LTV discount rate deal following its partnership with The Melton Building Society.
The three-year discount rate is for remortgage customers only and is a 2.80% discount off the lender’s standard variable rate (4.99%), resulting in an initial rate of 2.19%.
The product has no upfront application fee or any product completion fee, and includes a free standard valuation. Customers also receive a £250 cashback upon completion with a minimum loan size of £500,000.
Rob McCoy, senior product and business manager at TMA, spoke of these changes. “Thanks to the significant discount offered on this product, coupled with the no fees, I expect it will be very popular with our members.”
“Additionally, as The Melton individually underwrites all applications and does not credit score, it’s a great product for advisers to recommend to clients with unusual circumstances who need their personal circumstances to be considered,” he said.
A well-established relationship between TMA and The Melton is followed by the exclusive product launch.
The Melton has worked closely with TMA’s members throughout their partnership to create a streamlined online service, making it more efficient for advisers to submit their business.
Nicola Alvarez, director of sales and marketing at The Melton Building Society, added: “We are delighted to offer this exclusive product to TMA. Fee free mortgages are very attractive for customers looking to remortgage, especially when combined with a substantially discounted rate.”