news | 2 weeks ago | Andreea Dulgheru

Fleet revamps BTL product range with new options and rate cuts

Fleet Mortgages has launched new BTL products and reduced pricing within its standard range.

The lender has introduced two new five-year fixed-rate standard products, both available at up to 65% LTV.

The first one offers loans up to £300,000 and is priced at 5.64% with a £1,999 fixed fee, while the second product offers loans of maximum £2m at 5.84%, with no product fee.

Fleet has also cut rates on its 75% LTV standard five-year fixed-rate products by 15 bps.

The zero-fee option is available at a rate of 5.94% (previously 6.09%), while the 5.34% product (previously 5.49%) has a 3% fee – a minimum of £750. 

Both these products offer a maximum loan size of £1m.

All standard products come with a rental calculation of 125% at pay rate for basic tax payers and 145% at pay rate for higher rate tax payers. 

Free valuations are available for properties valued up to £500,000, and are discounted for values above this.

Steve Cox, chief commercial officer at Fleet Mortgages (pictured above), commented: “We are pleased to be able to launch two new standard fixed-rate products at 65% LTV and to be able to cut our pricing at 75% LTV. 

“Having both zero and fixed-fee options is clearly important in this market, and provides landlord borrowers with options to either have a lower rate or to save money upfront with no fee payable on the product. 

“We’ve seen over the last 12-18 months that landlords want options; for some that is in order to meet affordability criteria in a higher rate environment, while for others it is about not adding fees to the loan. 

“These new standard rate products, and the price cuts at 75% LTV, provide those options and should hopefully give advisers further product choice to present to those eligible landlord borrower clients, for both remortgage and purchase business.”

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