Borrowers looking for mortgages secured on Houses of Multiple Occupancy (HMO) will be able to access products at 65% and 75% LTV.

The launch of the range is expected to be in early December with product details already sent to distributors.

Product range highlights include:

– A two-year fixed rate at 65% LTV for individual buy-to-lets at 2.79% with a 75% LTV (3.29%) and 80% LTV (4.79%) option.
– A five-year fixed rate for individual buy-to-let products at 75% LTV at 4.29%.
– Individual buy-to-let tracker options for three years at 65% LTV at 2.85%; 75% LTV at 3.35% and 80% LTV at 4.75%. All tracker rates are based on LIBOR.
– Two-year limited company fixed rate buy-to-let products priced at 4.39% up to 65% LTV, 4.59% up to 70% LTV and 5.29% up to 80% LTV.
– Three-year tracker rates are priced at 4.55% up to 65% LTV, 4.75% up to 70% LTV and 5.25% 80% LTV.
– Two-year fixed rate HMO buy-to-let products priced at 5.29% up to 65% LTV and 5.39% up to 75% LTV.
• Fleet Mortgages is also offering a five-year fix at 75% LTV at 5.99% and a three-year tracker at 5.45% at 65% LTV.

Completion fee levels on the products range from 1% on all individual buy-to-lets, 1.5% on limited company and 2% on HMOs.

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Early repayment charges are set at 5% until the end of the deal with revert rates ranging from LIBOR plus 4.5% on individual buy-to-let products, LIBOR plus 5.31% on limited company deals, and LIBOR plus 5% on HMOs.

Fleet Mortgages’ key criteria includes the following:
• Rental income is set at either greater than 125% at the initial rate, 5% or revert rate – whichever is higher.
• Loan sizes of between £25,001 and £750k.
• 80% LTV loans up to £500k, 75% for loans up to £750k.
• Minimum mortgage term of five years, maximum mortgage term of 35 years.
• The minimum customer age is 25 years old, the maximum is 75 years at the end of the mortgage term.

Bob Young (picture), chief executive of Fleet Mortgages, said: “It is with great pleasure that we can officially announce this first Fleet Mortgages’ buy-to-let product range which is specifically for the intermediary market and has been designed in collaboration with many adviser stakeholders.

“Our aim has been to deliver a competitive product range which focuses on the needs of the experienced landlord. Plus we have not only developed products for individuals but have also sought to offer a range which caters for, what we think, is an underserved section of borrowers – namely limited companies and HMOs.”