Fleet revamps BTL product range with new options and rate cuts

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.”