Fleet Mortgages

Fleet Mortgages cuts rates and adds 80% LTV products

Fleet Mortgages has announced a series of rate cuts, along with a two- and five-year fixed-rate BTL mortgage product at 80% LTV.

The two-year option is available at 3.89% and comes with a rental calculation of 125% at 5.5%, while the five-year product, offered at 4.15%, comes with a rental calculation of 125% at payrate. 

The offering can be used by standard and limited company borrowers, and all new products come with a 2% fee.

Following the rate reductions, the specialist lender’s BTL mortgages for standard and limited company borrowers now start at 2.99% (from 3.04%) for 65% LTV, 3.14% (from 3.24%) for 70% LTV, and 3.24% (from 3.34%) for 75% LTV, all on a two-year fixed term with a 1.5% fee, and a rental calculation of 125% at 5.5%.

The rates for its five-year fixed-rate products for standard and limited company borrowers have been lowered to 3.29% (from 3.44%) at 65% LTV and 3.39% (from 3.49%) for 75% LTV.

The five-year standard products come with a 1.5% fee, and the limited company products have a fee of 1.75%, with the rental calculation is 125% at payrate.

Across its HMO/MUFB range, the two-year fixed-rate mortgages have been cut to 3.49% (from 3.54%) for 70% LTV and 3.54% (from 3.69%) for 75% LTV, while the five-year fixes are now available at 3.53% (from 3.59%) at 65% LTV and 3.73% (from 3.79%) for 75% LTV.

The two-year HMO/MUFB suite comes with a 1.5% fee and a rental calculation of 125% at 5.5%, while the five-year fixed-rate products have a fee of 1.5% and a rental calculation of 125% at payrate.

Steve Cox, CCO at Fleet Mortgages (pictured above), said: “It’s very pleasing to be able to introduce a number of new higher LTV options to the Fleet product range and to cater for those landlord borrowers who want these types of mortgages for either purchase or remortgage purposes. 

“The first half of 2021 has undoubtedly been a very busy time in the landlord purchase space, and we anticipate this will continue through to the end of the partial stamp duty holiday period and beyond. 

“Plus, we’ll see landlords utilising their portfolios via remortgage activity in order to access the equity for further purchases. 

“Landlords can see that the fundamentals for the private rental sector remain incredibly strong, with tenant demand growing, rental yield pushing up, and strong capital returns over a long-time horizon.

“We’re catering for those landlords who can see the real opportunities property investment delivers in the UK, and these new products and the rate cuts provide them with an excellent source of finance with competitive pricing via a highly experienced specialist lending team.”

All of the lender’s standard and limited company products include either free or discounted valuations.

It also offers lifetime tracker rates with no ERCs across all three core areas of its range: standard, limited company and HMO/MUB.

Leave a comment