The buy-to-let (BTL) specialist lender’s products at 75% loan to value (LTV) in both its standard and limited company ranges – available for purchase and remortgage – have a rate of 5.89% for the zero-fee option and 5.59% for the fixed £3,999 fee option.
Both deals have a minimum loan option of £25,001 and the fixed-fee offering has a maximum loan size of £750,000. Properties up to £500,000 are eligible for free valuation and there is an application fee for £199 for each.
Fleet Mortgages said the products would help landlords who were seeking a cheaper rate or higher-fee option, or would suit those who wanted to cut upfront costs and not add fees to the overall loan.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “By reintroducing these product options, we can offer advisers and their landlord clients further choice depending on how they want to structure their borrowing. Some will want to keep upfront costs as low as possible, particularly in the current environment, while others will be focused on securing a lower rate over the fixed term, even if that means paying a higher fee at the outset.
“By reintroducing both zero-fee and fixed-fee products, we are ensuring advisers and their clients can select the approach that best fits their financial position and investment plans.”
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Coventry cuts selected rates
Coventry for Intermediaries has lowered selected rates and said new deals are launching today.
The firm’s residential and BTL rates have gone down by up to 12 basis points (bps), and the reduced options are available for new and existing customers.
At 95% LTV, the five-year fixed rate with no fee and £500 cashback is priced at 5.52% and is available for first-time buyers.
At 75% LTV, its five-year fix with a fee of £1,999 is priced at 5.23% and is available for limited company BTL.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “With borrowers and brokers closely watching every rate movement in what’s been a fast-moving market, small changes can make a difference to advice. By reducing rates across key residential and buy-to-let products, we’re giving intermediaries more choice when recommending the most suitable solutions for their clients.”
