Fleet Mortgages has today (10th July 2023) introduced new five-year fixed-rate mortgages, available across its three core product ranges — standard, limited company and HMO/multi-unit block.
The new 70% LTV product rates are available at 5.69% for standard and limited company borrowers and 5.89% for those borrowing on HMO and multi-unit blocks — both products come with a 5% fee.
These are the latest in a line of lower rate, higher fee options for landlord borrowers, helping them meet the affordability requirements that come with a higher rate environment.
The lender also announced its current core range pricing has remained the same, however fixed-rate and green fixed-rate products with percentage fees have been moved from 2% to 3%.
Fleet continues to offer both lifetime tracker and green lifetime tracker products up to 75% LTV with a fee of 2%.
Green products are available for those borrowers either purchasing or remortgaging a property which has an EPC level of C and above.
Last month Fleet announced the launch of a new product feature which will reward landlord borrowers with a £1,000 cashback payment, if they improve the EPC level of the property to a C or above.
This product feature is not available on green products.
Steve Cox, CCO at Fleet (pictured above), said: “Affordability for BTL borrowers remains a significant challenge in this higher rate environment so we want to ensure we provide an array of product options which might help advisers and their clients to secure the finance they need.
“The launch of these new five-year 70% LTV fixed-rate products — which come with a lower rate and higher fee — are designed to do just that.
“Alongside our other five-year products, plus our green options for both fixes and lifetime trackers, we are hopefully offering a range of solutions that landlords can utilise.”
