Fleet and Metro Bank update BTL ranges

Fleet Mortgages and Metro Bank have revised their BTL product ranges.

Fleet Mortgages

Fleet Mortgages has announced price reductions across its standard, limited company/LLP and HMO/MUFB ranges.

The lender’s standard five-year fixed products are now available at 2.89% at 65% LTV and 2.99% at 75% LTV.

Meanwhile, it’s limited company/LLP five-year fixed-rate options are now priced at 2.95% at 65% LTV and 2.99% at 75% LTV.

Across its HMO/MUFB range, the lender cut the rates of its 75% LTV two- and five-year fixes to 3.09% and 3.29%, respectively.

In addition, the 65% LTV two- and five-year fixed options for HMO/MUFBs have been discontinued.

All of Fleet’s five-year fixed-rate product options are offered with a rental calculation based on 125% at the pay-rate, while the HMO/MUFB two-year fix is offered at 125% at 5.5%.

Steve Cox, CCO at Fleet Mortgages, said: “It’s important for us to start the year with intent, and therefore, we are very pleased to be able to reprice a number of two- and five-year fixes across all three of our core ranges. 

“We’ve undoubtedly seen a growth in demand and interest for five-year fixed-rate options and we’ve been able to respond by cutting rates by up to 10 basis points for these in both our standard and limited company/LLP ranges.

“We’ve also decided to discontinue our 65% LTV product options for HMO/MUFB, simplifying the offering to just one higher 75% LTV range for these borrowers. 

“It means that all those requiring HMO/MUFB products can now borrow up to 75% LTV and secure a cheaper rate. 

“As always, we remain focused not just on price but service, and we are maintaining our 24 hour/same-day turnaround on documentations, DIPs and valuations. 

“2022 promises to be an exciting year for the BTL sector and Fleet is committed to delivering everything advisers and their landlord clients need to ensure excellent purchase and remortgage finance options throughout the course of the next 12 months and beyond.”

Metro Bank

Metro Bank has further enhanced its BTL product range.

The lender has increased the maximum loan size for its 75% LTV mortgages from £750,000 to £2m.

In addition, the bank now accepts properties with thatched roofs and ex-local authority flats.

This follows a number of changes the bank has made across its BTL range in November last year, including cutting the rates across its five-year fixed products, and increasing the maximum LTV for BTL purchase and remortgage products to 80% LTV, also available for new build houses and flats. 

Charles Morley, director of mortgage distribution at Metro Bank, said: “Metro Bank offers a compelling range of mortgages for BTL borrowers. 

“Alongside the fact that we have no minimum income requirements, a maximum applicant age of 85 upon completion of the loan and allowing up to four unrelated applicants on each BTL mortgage application, we’re seeing significant interest from the market in our BTL offering.”

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