Fleet Mortgages has today (9th August 2023) launched a range of two-year fixed-rate mortgages in its three core ranges — standard, limited company and HMO/MUB.
The lender’s two-year fixed-rate mortgage — available up to 75% LTV — is priced at 5.79% for standard and limited-company borrowers, and 5.99% for HMO/MUB borrowers both with a 3% fee.
All standard and limited-company products come with a free valuation for loans up to £500,000, after which the valuation is available at a discounted price.
Rental stress calculations for the two-year fixes are 125% or 145% — depending on the borrower’s tax status — at 7.79% for standard and limited-company borrowers and 7.99% for HMOs and MUBs.
Fleet also continues to offer both tracker and green tracker product options, as well as a full range of five-year fixed rates, available up to 75% LTV.
Fleet’s service levels are currently three days to assess documents, same-day DIP reviews and valuation turnarounds within three days.
Steve Cox, CCO at Fleet (pictured above), commented: “Despite BBR now sitting at 5.25%, swap rates are more stable allowing us once more to offer two-year fixed-rate products for landlords.
“Affordability challenges remain in the market, but we are now able to offer a wide choice of options across two- and five-year fixed rates as well as maintaining our tracker range which no longer carries ERCs.
“Our intention is to keep reassessing our product range and the product options we can offer, and hope market stability allows us to maintain a broad offering in the market.
“We remain absolutely committed to this crucial market sector and providing the BTL mortgage finance via our partners that their landlord clients continue to need at competitive rates.”
