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Fleet Mortgages starts lending today

  • 05/01/2015
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Fleet Mortgages starts lending today
Buy-to-let and specialist lender, Fleet Mortgages, has today opened its doors for new lending and is now actively accepting business through its distributor partners and their affiliated members and advisers.

Fleet Mortgages, which counted down to launch with an exclusive blog with Mortgage Solutions last year, is offering its products through seven distribution partners.

These are: The Business Mortgage Company; The Buy to Let Business; Legal & General Mortgage Club; Mortgages for Business; The Mortgage Trading Centre; Professional & Commercial; and Solent Mortgage Services.

Fleet Mortgages intends to open out its distribution to the rest of the adviser market later in the year.

The new Hampshire-based lender is led by chief executive officer, Bob Young, formerly managing director of buy-to-let lender, CHL Mortgages.

The product range will cover individual, limited company and houses in multiple occupation (HMO) buy-to-let products.

It is offering a selection of two and five-year fixed-rate deals and three-year tracker rates based on LIBOR across all three product options. It is offering specific 65%, 75% and 80% LTV products for individual and limited company buy-to-lets, and 65% and 75% LTV for HMOs.

Product range highlights, exclusively revealed by Mortgage Solutions, include:

• A two-year fixed-rate 65% LTV individual buy-to-let product priced at 2.79%.
• Individual buy-to-let tracker options for three years at 65% LTV – 2.85%; 75% LTV- 3.35%; and 80% LTV – 4.75%.
• Two-year limited company fixed-rate buy-to-let products priced at 4.39% (65% LTV), 4.59% (70% LTV), and 5.29% (80% LTV). Three-year tracker rates priced at 4.55% (65% LTV), 4.75% (70% LTV), and 5.25% (80% LTV).
• Two-year fixed-rate HMO buy-to-let products priced at 5.29% (65% LTV) and 5.39% (75% LTV).

Bob Young, chief executive officer of Fleet Mortgages, said: “This is a momentous day for the Fleet Mortgages’ team and all our stakeholders as we open our lending doors and begin to accept business through our distribution partners.

“We have brought this lender to market in record time and are lending at what is a very exciting time for a growing and developing buy-to-let market. Our products focus on areas which we believe are currently underserved, particularly in the limited company and HMO market, and we believe this range should particularly appeal to our target customer, experienced landlords.”

Andy Young, CEO at The Business Mortgage Company (TBMC), said: “I am delighted that Fleet Mortgages has chosen TBMC as one of its distribution partners from launch. Fleet Mortgages has a compelling proposition in the buy-to-let mortgage market and I am sure Bob Young and his management team will grow a very successful business.”


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