Fleet Mortgages has rolled out a new two-year fixed-rate mortgage offer for standard buy-to-let borrowers with a limited tranche of funds available for it.
The deal, available from 8 September, has a fixed rate of 2.99 per cent at up to 75 per cent loan-to-value (LTV).
The rate is fixed until the end of December 2017 and has a reversion rate of LIBOR plus 4.5 per cent, currently 5.1 per cent. The product comes with a completion fee of 1.25 per cent of the loan amount with early repayment charges (ERCs) up until the end of the two-year period.
Fleet Mortgages’ usual flexible criteria applies to this product so, for example, there are no restrictions on the number of buy-to-let properties the borrower currently has and both adviser and borrower will be accessing the lender’s fast, easy to use service.
Bob Young, CEO of Fleet Mortgages, commented:
“The summer months are traditionally a quieter period for lenders however our experience at Fleet Mortgages has been very different to that. Activity levels far exceeded our expectations and have allowed us to hit the ground running in September with a number of new product offerings. This two-year fix rate for standard buy-to-let borrowers is aimed at the mainstream landlord and provides a highly competitive rate delivering stability and certainty over that period. As with our reduced completion fee fixed-rate offering for both standard and limited company’s launched last week these product changes are in response to requests from our intermediary partners – at Fleet Mortgages we not only listen, we act.”
