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Fleet Mortgages launches first full product range funded by Starling

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  • 25/10/2021
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Fleet Mortgages launches first full product range funded by Starling
Fleet Mortages, the buy-to-let specialist lender, has launched its first full buy-to-let product range funded by its new parent company, Starling Bank.

 

Starling Bank acquired Fleet Mortgages in a £50m transaction in July. Shortly after, Fleet’s chief executive Bob Young said this gave the lender the opportunity to expand its range and be more competitive with pricing.

Covering its three core areas of lending – standard, limited company/ limited liability partnership (LLP), and homes in multiple occupation (HMO)/multi-unit block (MUB) – the new range has price reductions across the board, with rates starting from 2.59 per cent and rental calculations from 125 per cent at 2.99 per cent.

In its standard range its two-year fixed rate at 65 per cent loan to value (LTV) is priced at 2.59 per cent, whilst at 75 per cent LTV the rate is 2.69 per cent. The range also includes five-year fixed rates and tracker products between 65 and 75 per cent LTV starting from 2.99 per cent and 3.09 per cent respectively.

Trackers are at 3.09 per cent at 65 per cent LTV and 3.19 per cent at 75 per cent LTV.

In regards to limited companies and LLPs, two-year fixes are at 2.79 per cent at 65 per cent LTV and 2.89 per cent at 75 per cent LTV. The range also includes five-year fixes at 2.99 per cent at 65 per cent LTV and at 75 per cent LTV, a rate of 3.09 per cent. Trackers are currently 3.09 per cent at 65 per cent LTV and 3.19 per cent at75 per cent LTV.

For HMOs and MUBs, two-year fixes are at 3.09 per cent for a 65 per cent LTV and 3.19 per cent at 75 per cent LTV. Meanwhile, five-year fixes are at 3.35 per cent at 65 per cent LTV and 3.44 per cent for a 75 per cent LTV. Trackers are priced at 3.39 per cent for a 65 per cent LTV and 3.49 per cent at 75 per cent LTV.

All five-year fixes have a rental calculation of 125 per cent at the pay rate, while the trackers products have no early repayment charges. Standard and limited company/LLP products come with either free or discounted valuations.

Fleet is currently assessing documents within 24 hours, conducting same-day decision in principle (DIP) reviews and providing valuation turnarounds within 24 hours.

Steve Cox (pictured) chief commercial officer at Fleet Mortgages, said: “At the time of the acquisition, we outlined how this new partnership would allow Fleet to offer highly-competitive products and this new range is the first fruits of this partnership.

“We have been able to cut prices across the entire range and believe these products will appeal to advisers and their landlord clients, whether seeking to purchase or refinance.”

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