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Fleet cuts rates and fees in search of lending growth

  • 20/10/2017
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Fleet cuts rates and fees in search of lending growth
Fleet Mortgages is ready to 'up its buy-to-let lending activity' and has cut rates and fees on fixed-term mortgages across its three core product areas – standard, limited company and houses in multiple occupation (HMOs).

All price changes are at 75% loan-to-value (LTV) for both two- and five-year products. The new products are:

  • Standard: five-year fix at 3.49% (down from 3.79%);
  • Limited company: five-year fix at 3.79% (down from 3.99%);
  • HMO: two-year fix at 3.49% (down from 3.69%) and five-year fix at 3.89% (down from 3.99%).

Fees have also been cut for all limited company and HMO products. Limited company product fees have dropped from 1.5% to 1.25% and HMO product fees cut from 2% to 1.5%. Fees across its standard range remain unchanged at 1%.


Upping lending activity

Fleet Mortgages CEO Bob Young said the lender was listening to broker feedback and shaping its product proposition accordingly.

“Which is why we’ve dropped our pricing on a number of two- and five-year products, plus have cut our fee levels for all limited company and HMO products,” he said.

“This backs up our continued commitment to those advisers with portfolio landlord clients, who are increasingly likely to be looking for limited company purchase and refinance options, and potentially higher yielding HMO opportunities.”

Young added: “Fleet Mortgages is focused on upping our lending activity in the buy-to-let market and we are here to help and support brokers in this important sector.”

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