Fleet Mortgages

Fleet Mortgages launches seven-year fixed-rate BTL products

Fleet Mortgages has introduced new seven-year fixed-rate products across its standard, limited company/LLP and HMO/MUFB core ranges.

The 75% LTV products offer loans between £25,001 and £1m for remortgage-only borrowers, available at 3.29% for standard and limited company/LLP, and 3.59% for HMO/MUFB.

They include a 2% product fee for standard/limited company — with a free valuation offered for properties valued up to £500k and thereafter discounted — and a 2.25% product fee for HMO/MUFB.

The seven-year fixes come with a rental calculation of 125% at 3.29% for standard/limited company and 125% at 3.59% for HMO/MUFB.

Reversion rates are Bank Base Rate (BBR) plus 5% for standard/limited company, and BBR plus 5.25% for HMO.

Steve Cox, CCO at Fleet Mortgages, said: “Part of our focus at Fleet is to offer a variety of product options for landlord borrowers, including those who want to fix their monthly mortgage payments over a longer term.

“The introduction of these new seven-year fixes allows them to do just that and provides them with rate and mortgage certainty.

“At present, we appear to have a rising interest rate environment, so it’s not surprising to see landlords seeking longer-term fixed-rate options that allow them to mitigate against this.

“We believe these mortgage options — available in all three parts of our core range — allow advisers and their landlord clients to plan for the long term.”

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