The products are available up to 75% loan to value (LTV) across Fleet Mortgages’ standard, limited company and house in multiple occupation (HMO)/multi-unit freehold block (MUFB) ranges. Lower headline interest rates were introduced for landlords who may prefer a higher-fee product structure.
The new five-year standard and limited company fixed rate products are priced at 5.24% and come with a free valuation on properties valued up to £500,000.
Fleet Mortgages has also introduced a five-year HMO/MUFB fixed rate product, priced at 5.49%, which comes with £1,000 cashback.
All products have a minimum loan size of £75,000, plus the option for the product fee to be added to the mortgage loan at completion, subject to lending criteria. Fleet Mortgages said the new range complemented its existing five-year fixed-rate products with alternative fee structures.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “Affordability continues to be one of the main considerations for landlord borrowers and their advisers, particularly when it comes to refinancing existing properties or securing the borrowing required for further investment.”
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He added: “By introducing these new five-year, fixed rate products with higher fees, we are giving advisers another option to consider, with lower headline rates, which may help their clients meet the relevant rental stress tests and potentially access the borrowing they require.”
The Tipton now accepts portfolio landlords
The Tipton & Coseley Building Society now accepts mortgage applications from portfolio landlords with up to 10 mortgaged properties.
The LTV is capped at 70% on both the subject property and the average across the retained portfolio, with aggregate borrowing of up to £1.5m per customer.
Jason Newsway, chief commercial officer at The Tipton, said: “Our new proposition is designed to give brokers a credible and competitive option for clients who have up to 10 buy-to-let properties, whether they are refinancing, restructuring or looking to grow their portfolio.”
TMW expands limited company BTL range
The Mortgage Works (TMW) has updated its limited company buy-to-let (BTL) offering with the introduction of new fixed and tracker products.
For new landlord customers, TMW has announced a two-year tracker at 4.49%, available up to 75% LTV with a 2% fee and free valuation. Also for new landlords, a two-year tracker has been introduced at 4.99%, available up to 75% LTV with a £1,495 fee and free valuation.
The lender has also introduced two-year tracker options for existing limited company customers, available up to 75% LTV at 4.99% with a £1,495 fee or 5.29% with no fee.
Keir Fraser, lead manager at TMW, said: “By introducing new fixed and tracker products, we’re giving limited company landlords greater choice, whether they are looking for the certainty of a fixed rate or the flexibility of a tracker. This is the latest step in our ongoing support for limited company landlords, following our recent move to allow directors and shareholders to have more than one special purpose vehicle financed through The Mortgage Works.”
