Fleet Mortgages has introduced a number of new zero and fixed-fee products to its HMO range, and has reduced pricing for several existing HMO, standard and limited company BTL mortgages.
The new HMO products include two 65% LTV five-year fixes, priced at 6.04% with no fee, and 5.59% with a £3,999 fixed fee.
The lender has also brought out a new 75% LTV five-year fix for HMOs, offered at 5.69% with a £3,999 fixed fee.
In addition, the firm has cut rates between 10 and 40 basis points for a number of existing HMO products, including its 75% LTV two-year fix, with a 3% fee, now offered at 5.09% — the £1,999 fixed-fee alternative product now has a rate of 6.29%.
The lender’s HMO75% LTV five-year fix, with a 3% fee is now offered at 5.39% — the zero-fee alternative product now has a rate of 6.14%.
Fleet has also lowered pricing for several standard and limited company products — following this, its 65% LTV five-year fix with a £1,999 fee is now available at 5.19%.
Meanwhile, its standard/limited company 75% LTV five-year fix with a £3,999 fee is now priced at 5.29%.
In addition, the maximum loan size on all fixed-fee products has been increased to £750,000.
Steve Cox, chief commercial officer at Fleet Mortgages (pictured above), commented: “At the end of August, we were able to announce a revamp of our HMO product range and this month we can add new zero and fixed-fee options, and we’re also able to make significant rate cuts.
“There has been a growth in demand for HMO mortgage finance as landlords seek to build a more diverse portfolio, and secure the higher rental yields that often come with such properties.
“We therefore want to ensure we are offering the HMO landlord borrower a greater array of options, in terms of LTV, but also fee structure, allowing them to meet affordability in different ways and to cut their cloth accordingly.
“At the same time we have been able to cut rates on our existing HMO, standard and limited company products which we believe will be welcome news to both advisers and their landlord clients.
“We’ve seen a more positive market in the last couple of months and anticipate this continuing throughout the rest of 2024, particularly given the level of mortgages coming up for maturity, coupled with landlords now more willing and able to add to portfolios with new purchases.”
