Mortgage News
Fleet cuts completion fee on loans under £150,000
Fleet Mortgages, the buy-to-let and specialist lender, has today is offering a product with lower completion fees for loans of up to £150,000.
The two-year, fixed-rate product is available for both standard limited company vehicle and buy to let deals.
The standard buy-to-let product is offered at 3.29% until the 31 October 2017 with a reversion rate of 5.1% (LIBOR plus 4.5%) and a completion fee down from 1% of the loan to £500.
The limited company option has a rate of 4.39% until the same date, and a reversion rate of 5.35% (LIBOR plus 4.75%) with the completion fee down from 1.5% of the loan to £750.
Both standard and limited company options are available up to 75% LTV.
Bob Young, chief executive officer of Fleet Mortgages, said: “These new products for both standard and limited company buy-to-let are essentially offering cuts in our completion fees to those borrowers who want and need smaller loans. This is likely to be because they are purchasing or remortgaging in a lower-priced area and therefore it makes sense for us not to operate a percentage fee but charge a fixed amount instead.”
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