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BTL fixes cut by Fleet Mortgages and Coventry for intermediaries – round up

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  • 27/09/2019
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BTL fixes cut by Fleet Mortgages and Coventry for intermediaries – round up
Fleet Mortgages has cut rates on its limited company, homes in multiple occupancy (HMO) and buy to let (BTL) mortgages at 75 and 80 per cent loan to value (LTV).

 

For HMOs at 75 per cent LTV, the two-year fixed rate was cut to 3.19 per cent and the five-year to 3.59 per cent.

At 80 per cent LTV, the two-year fix was reduced to 3.99 per cent and the five-year to 4.29 per cent.

The HMO products come with a 1.5 per cent fee and a rental calculation of 125 per cent at 6.02 per cent.

For limited companies, at 80 per cent LTV, the two-year fixed rate was reduced to 3.64 per cent and the five-year to 3.89 per cent. The product offers free or discounted valuations, a 1.5 per cent fee and a rental valuation of 125 per cent at 5.5 per cent.

The lender has extended end-dates and the dates for stepped early repayment charges on the two-year rates to 31 January 2022 and on the five-year fixes to 31 January 2025.

“We’ve seen an increase in demand for limited company buy to let and a growing number of landlords  seeking to maximise rental yield through HMOs and multi-unit blocks. That’s unlikely to change and therefore it’s imperative to have strong pricing and criteria in these core product areas,” said Steve Cox, distribution director at Fleet Mortgages (pictured).

 

Coventry cuts

Coventry for intermediaries has cut rates across its five-year fixed BTL mortgages.

At 50 per cent LTV the rate was cut to 1.95 per cent at 65 per cent LTV, to 2.05 per cent.

The products attract a £1,999 fee, and the end-date and date to which early repayment charges are payable is 30 April 2025.

“With the economic uncertainty that we’re seeing, these products are ideal for landlords looking for the stability of a fixed rate, whether for a purchase or remortgage,” said Kevin Purvey, director of intermediaries at Coventry Building Society.

“The reductions apply also to five-year fixed rates from our portfolio landlord range, with no minimum income requirement and a standard valuation of up to £700,” Purvey added.

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