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Fleet slashes BTL rates by up to 0.4%

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  • 26/07/2017
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Fleet slashes BTL rates by up to 0.4%
Fleet Mortgages has unveiled three new fixed-rate buy-to-let products which cut interest rates by as much as 0.4% compared to those they replace.

The lender has also added a tracker mortgage in its houses in multiple occupation (HMO) range.

The buy-to-let products are available immediately and include two limited edition two-year fixed rate loans available up to 75% loan to value (LTV):

  • one at 2.59% with a maximum loan of £200,000;
  • another at 3.09% for loans over £200,000.

 

Both are 40 basis points cheaper than the products they replace and come with an interest coverage ratio (ICR) of 125% at 5% for any rate tax-payer, a 1% fee and a revert rate of 5.07% (LIBOR plus 4.75%).

The third product is a five-year fixed rate loan at 3.79%, up to 75% LTV, which is 20 basis points cheaper than the product it replaces.

This also has an ICR of 125% at 5% for any rate tax-payer, a 1% fee and a revert rate of 5.07% (LIBOR plus 4.75%).

The HMO loan is a LIBOR-linked lifetime tracker with a current rate of 3.92% (LIBOR plus 3.6%) and is also available up to 75% LTV, with an ICR of 125% at 5%, and comes with a 2% fee.

Fleet Mortgages chief executive officer Bob Young said: “We’ve launched four new products with our two- and five-year fixes being the cheapest we have offered to market in 2017.

“In the HMO range we are also offering a LIBOR-linked lifetime tracker which we believe is highly competitive and again gives further product options to those landlord borrowers seeking to purchase or refinance these types of properties.

“Our commitment to ensuring we provide advisers with a straightforward process, flexible criteria and competitive products will continue, however our two-year fixes are limited editions and will therefore only be available for a certain amount of time,” he added.

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