Fleet Mortgages launch new products

By Bridging Loan Directory 23rd June 2017

Fleet Mortgages, the buy-to-let and specialist lender, has today (23rd June 2017) announced the launch of a new product range covering its three key borrower groups – Standard (Individual); Limited Company; and Houses in Multiple Occupation (HMO).

All 13 new products are available with immediate effect and Standard and Limited Company are offered with a rental calculation of 125% at 5%. The products are split between two- and five-year fixed rate deals, plus lifetime trackers.

Product highlights include:

· Standard (Individual) two-year, 75% LTV fixes at both 2.99% (maximum loan size: £200k) and 3.49% (maximum loan size: £750k); five-year fix at 3.99%; and lifetime tracker LIBOR plus 3.5%, currently 3.82%.

· Limited Company 65% LTV two-year fixed-rate at 3.29% and five-year fix at 3.69%; 75% LTV two-year at 3.49% and five-year at 3.99% – both fixed rates; and lifetime tracker at LIBOR plus 3.5%, currently 3.82%.

· HMO two-year fixes at 3.39% (65% LTV) and 3.69% (75% LTV); five-year 75% LTV fix at 3.99%; and lifetime tracker at LIBOR plus 3.5%, currently 3.92%.

Fleet Mortgages believe the two-year fixed-rate deals across the three product groupings are particularly competitive, and with its income cover ratio (ICR) as standard and easy to understand – 125% at 5% – for all products it believes advisers and their clients will see the appeal of this offering.

The lender has also reaffirmed its commitment to high standards of service and is able to lend: on shared accommodation properties; to both experienced, portfolio and first-time landlords; on single/multiple assured shorthold tenancies, with locks on doors and room by room rental calculation

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, Chief Executive Officer of Fleet Mortgages, commented:

“This new range of buy-to-let products – across our three core areas – is highly competitive and comes with a further significant benefit in the form of our ICR, which is 125% at 5%, for Standard and Limited Company products. Having spoken to our intermediary partners, we are acutely aware of their desire for simplicity, competitive rates, and a quality service that provides them with certainty. This new range has been designed to do just that, and hopefully this type of clarity – plus our broadening range of criteria options that we continue to introduce – will ensure advisers know exactly what they are getting by recommending Fleet Mortgages. We continue to seek feedback on our proposition and service offering and will be listening to all our partners to ensure we continue to deliver exactly what they need for their buy-to-let clients, whether they are looking for finance as individuals, limited companies or to fund HMOs and multi-units.”