Fleet launches BTL range funded by Starling Bank

Fleet Mortgages has launched its first full BTL range funded by its new parent company, Starling Bank.

This follows the bank’s acquisition of the specialist BTL lender in a £50m cash and share deal, announced in July.

The product suite covers its three core areas of lending: standard, limited company/LLP and HMO/MUB,  and offers two- and five-year fixed products, as well as tracker options (with no specific loan term).

The standard range is available at:

  • 2.59% (65% LTV) and 2.69% (75% LTV) for two-year fixes
  • 2.99% (65% LTV) and 3.09% (75% LTV) for five-year fixes
  • 3.09% (65% LTV) and 3.19% (75% LTV) for trackers

The limited company/LLP products offer:

  • two-year fixes at 2.79% (65% LTV) and 2.89% (75% LTV)
  • five-year fixes at 2.99% (65% LTV) and 3.09% (75% LTV)
  • trackers at 3.09% (65% LTV) and 3.19% (75% LTV)

The HMO/MUB suite includes:

  • two-year fixes at 3.09% (65% LTV) and 3.19% (75% LTV)
  • five-year fixes at 3.35% (65% LTV) and 3.44% (75% LTV)
  • trackers at 3.39% (65% LTV) and 3.49% (75% LTV)

All five-year fixes are pay rate products with a rental calculation of 125% at the pay rate, while the trackers are lifetime products tracking the Bank of England base rate with no ERCs.

Standard and limited company/LLP products come with either free or discounted valuations.

Fleet is currently assessing documents within 24 hours, conducting same-day DIP reviews, and providing 24-hour valuation turnarounds.

Steve Cox, chief commercial officer at Fleet Mortgages (pictured above), said: “This is an exciting day for Fleet Mortgages as we launch our first new product range fully funded by Starling Bank. 

“At the time of the acquisition, we outlined how this new partnership would allow Fleet to offer highly competitive products, and this new range is the first fruit of this partnership. 

“We have been able to cut prices across the entire range and believe these products will appeal to advisers and their landlord clients — whether seeking to purchase or refinance. 

“Coupled with our commitment to service excellence and our experience in the BTL market, we believe there are a large number of compelling reasons to use Fleet and would urge advisers to contact their regular business development contacts to see how we can support them.”

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