The products are available for purchase and remortgage at 75 per cent loan to value (LTV) with a rate of 3.29 per cent for standard and limited company borrowers and 3.59 per cent for those lending against houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFBs).
The products have a minimum loan size of £25,001 and a maximum loan size of £1m, with a rental calculation of 125 per cent.
Product fees are two per cent for standard and limited company borrowing with a free valuation for properties with a value up to £500,000. Any properties exceeding this value will benefit from a discounted valuation.
The reversion rate is five per cent plus the bank base rate for standard and limited company borrowing, and 5.25 per cent plus base rate for HMO. The base rate is currently at 0.75 per cent.
Steve Cox, chief commercial officer at Fleet Mortgages (pictured), believes the products will allow landlords to plan for the future.
He said: “At present we appear to have a rising interest-rate environment, so it’s not surprising to see landlords seeking longer-term fixed-rate options that allow them to mitigate against this. Therefore, part of our focus at Fleet is to offer a variety of product options for landlord borrowers, including those who want to fix their monthly mortgage payments over a longer term.
“The introduction of these new seven-year fixes allows them to do that and provides them with rate and mortgage certainty. ”
