Fleet Mortgages has refreshed its entire product range with new products available for individuals, limited companies and those seeking finance for HMOs and multi-unit blocks.
The new range includes increased maximum LTVs up from 70% to 75% as well as a series of price cuts and criteria changes.
Key changes to the range include:
- The introduction of two new pay rate lifetime tracker products. For individuals the rate is 3.99% (LIBOR plus 3.6%) up to 75% LTV, with a rental calculation of 125% at 3.99%; for limited companies the rate is 4.19% (LIBOR plus 3.8%) up to 75% LTV with a rental calculation of 125% at 4.19%.
- All other limited company and individual products are now offered at a rental calculation of 125% at 5%.
- Rate cuts for limited company products – a two-year fix at 75% LTV of 3.6% (previously 4.19%) and five-year fix at 3.99% (from 4.69%).
- Rate cuts for HMO/multi-unit block products – two-year fix at 65% LTV down to 3.79% from 4.09%; two-year fix at 75% LTV at 3.99% from 4.29%; and a five-year fixed rate now at 4.29% (75% LTV), having previously been 4.99%.
Bob Young, CEO of Fleet Mortgages, said: “It has undoubtedly been an interesting few months for the buy-to-let market, and after a somewhat topsy-turvy summer, we are starting to see a more stable environment.“Recent data from HMRC appears to show growing activity and appetite amongst buy-to-let landlords to purchase and, with a market highly sympathetic at the moment to those who are considering their remortgage options, we believe now is a particularly good time for advisers to be supporting their clients in this area.
“Next year’s PRA buy-to-let underwriting changes will force many lenders into pulling back from the market, however our appetite at Fleet Mortgages for quality lending to quality borrowers will not flag, and as a specialist we will continue to offer both advisers and their clients everything they should be looking for from a leader in the field. We believe this new range shows our ongoing commitment to the sector and to supporting the needs of all stakeholders.”
