Fleet Mortgages launch new buy to let products

By Bridging Loan Directory 26th July 2017

Fleet Mortgages, the buy-to-let and specialist lender, has today (26^th July 2017) announced the launch of four new products including its lowest rates this year for two- and five-year fixes in its Standard (Individual) range.

The buy-to-let products are available with immediate effect and include two limited editions in the Standard range:

The first is a 2.59% two-year fixed rate mortgage, available up to 75% LTV with a maximum loan of £200k. This is the lowest rate offered by Fleet Mortgages this year.

The second is also a two-year fixed rate mortgage, available up to 75% LTV for loans over £200k, offered at a rate of 3.09%.

Both loans are 40 basis points cheaper than the products they replace, and come with an ICR of 125% at 5% for any rate tax-payer, a 1% fee and a revert rate of 5.07% (LIBOR plus 4.75%).

The third product is also available in the Standard range and is a five-year fixed rate product at 3.79%, up to 75% LTV, which is 20 basis points cheaper than the product it replaces. Again, this is the lowest five-year rate offered by Fleet Mortgages this year and also has an ICR of 125% at 5% for any rate tax-payer, a 1% fee and a revert rate of 5.07% (LIBOR plus 4.75%).

Finally, Fleet Mortgages is offering a LIBOR-linked lifetime tracker in its Houses in Multiple Occupation (HMO) range. This has a current rate of 3.92% (LIBOR plus 3.6%) and is also available up to 75% LTV, with an ICR of 125% at 5%, and comes with a 2% fee.

All four Standard and HMO new products are available with immediate effect with no changes to Fleet Mortgages’ Limited Company range. The full product guide is now available to view by visiting Fleet Mortgages’ website.

Fleet Mortgages is an intermediary-only, buy-to-let lender and its products are available to individuals, limited companies and those looking to invest in Houses in Multiple Occupation (HMO)/Multi-units.

Bob Young, pictured, Chief Executive Officer of Fleet Mortgages, commented:

“There has been a considerable amount of focus on the limited company buy-to-let sector recently however given the feedback we’ve had from our intermediary partners we also want to ensure that both our Standard (Individual) and HMO product ranges are as competitive as they can be.

“Our proposition has received a ringing endorsement from international investors and we’ve recently brought on board another world-class, leading asset manager attracted by our excellent mortgage assets and very keen to support our product offering. To that end, we’ve launched four new products with our two- and five-year fixes being the cheapest we have offered to market in 2017. The two-year fixes are both 40bps cheaper than the products they replace and our five-year fix is 20bps cheaper – all three options offer incredibly strong value, particularly the two-year options for those clients who may not want a five-year deal. In the HMO range we are also offering a LIBOR-linked lifetime tracker which we believe is highly competitive and again gives further product options to those landlord borrowers seeking to purchase or refinance these types of properties.

“Brokers and their clients will be pleased to know that our continued focus on simplicity means all four products come with a rental calculation of 125% at 5%, regardless of the type of rate tax-payer they are. Our commitment to ensuring we provide advisers with a straightforward process, flexible criteria and competitive products will continue, however our two-year fixes are limited editions and will therefore only be available for a certain amount of time. If advisers would like further information they can view our newly-revamped website where they’ll find all the details on these new products and our existing range.”