Fleet Mortgages has today (13th September) unveiled a new BTL product transfer suite for its existing borrowers.
The new range includes two- and five-year fixed-rate deals available across the lender’s three core areas of lending: standard, limited company and HMO/MUB.
The standard and limited company products are priced at 5.79% for two-year fixes and 6.09% for five-year fixes.
Meanwhile, the HMO/MUB options are offered at 5.99% for a two-year fix, and 6.23% for a five-year fix.
All product transfer products include a 2.5% fee — 50 bps lower than the equivalent new business product range — with a revert rate of Bank of England base rate + 3% after the end of the fixed-rate period.
Advisers are encouraged to speak to Fleet to discuss existing customer eligibility before applying for product transfers.
Steve Cox, chief commercial officer at Fleet Mortgages (pictured above), commented: “As we continue to broaden our offering, we are very pleased to be launching this new range of product transfer products.
“Given where we are with the new rate environment, we believe this is a vital new option that will support ongoing property investment and provide peace of mind to eligible borrowers in terms of their continued ability to be active in the PRS.
“It should also give a greater level of confidence to advisers in recommending Fleet to new borrowers, knowing that we are able to offer product transfers when those deals come to an end.
“The rates on the product transfer range currently mirror those currently available for new borrowers — however, there is a discount on the fee, and our existing relationship with the customer will make the processing that much simpler.”
The new products transfers follow the launch of Fleet’s new two-year fixed-rate products available at up to 75% LTV for standard, limited company and HMO/MUB borrowers, announced in August.
