Fleet Mortgages Revamps Buy to Let Range

Fleet Mortgages has revamped its buy to let range across three core sectors, including standard, limited company and HMO/multi-unit block.

Fleet Mortgages has launched a series of fixed-fee buy to let products, including a 75 per cent LTV two-year fixed rate at 3.09 per cent, with a fixed fee of £1,999 on a maximum loan size of £250,000. They also released a product at 3.49 per cent with a fixed fee of £4,999 with no maximum loan size.

Standard five-year fixed rates include a rate of 3.79 per cent which comes with a fixed fee of £4,999 or a 3.99 per cent pay-rate product with a £4,999 fee. The latter is offered at rental cover of 135 per cent at initial rate.

For limited companies, Fleet Mortgages is offering two-year fixed rates which start at 3.09 per cent with a fixed fee of £2,499. There is a maximum loan size of £250,000. A 3.49 per cent deal is also on offer with a fixed fee of £6,250, with no maximum loan size.

Five-year fixed rates for limited companies are available at 3.89 per cent and come with a fixed fee of £6,250, or 3.99 per cent with a £6,250 fixed fee. Each are offered at rental cover of 125 per cent at initial rate.

Finally, HMO products are available at 3.59 per cent for a two-year fix at 65 per cent LTV along with a £7,499 fixed fee. Another option is a 3.69 per cent deal at 75 per cent LTV with a £7,499 fixed fee. There is also 3.99 per cent five-year fix at 75 per cent LTV with a £7,499 fixed fee.

Chief executive officer of Fleet Mortgages, Bob Young, explained: ‘At Fleet we are always looking to provide our adviser partners and their clients with a range of different product options in order to find the right one for them. The introduction of this new fixed-fee range to complement our existing percentage-based fee product offering does just that, and we believe it will be especially beneficial for those who are seeking larger buy to let loans. These new fixed-fee products are available within our three core sectors – standard, limited company and HMO – and are offered at highly competitive rates, plus our standard and limited company borrowers benefit from our 125 per cent at 5 per cent rental cover calculation, except on the pay-rate products which are offered at 135 per cent at the initial rate for standard borrowers, and 125 per cent at the initial rate for limited company borrowers.’

He continued: ‘We have seen a noticeable uptick in buy to let activity in recent months, with professional landlords in particular seeking to add to portfolios, whilst also looking at refinance options in order to release capital for further purchases. We believe these fixed-fee mortgages will provide greater product choice for landlord borrowers and provide further evidence of our continued specialist focus on the market and our increased appetite to lend.’

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