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Fleet Mortgages returns to market with two and five-year fixes
Buy-to-let specialist lender Fleet Mortgages has launched back to the market with two and five-year fixed rates at 75 per cent loan to value (LTV).
The deals are in its three core ranges, standard, limited company and house in multiple occupation (HMO) and multi-unit blocks (MUB).
The lender’s two-year fixed rate mortgage is priced at 5.69 per cent for standard and limited company borrowers and 5.79 per cent for HMO and MUB borrowers.
The two-year fixed rate deals come with a two per cent fee.
Five-year fixed rates are available at three different LTV tiers, including 65, 75 and 75 per cent LTV.
Its 65 per cent LTV deals for standard and limited company borrowers are 5.69 per cent and HMO and MUB products are 5.83 per cent. Both come with a two per cent fee.
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At 70 per cent LTV, the deals come with a five per cent fee, with standard and limited company deals coming to 5.19 per cent and HMO and MUB products priced at 5.29 per cent.
At 75 per cent LTV standard and limited company products are pegged at 5.79 per cent and HMO and MUB products are set at 5.93 per cent. They come with a two per cent fee.
There are also green five-year fixed rates available for those buying a property with an EPC rating between A and C.
For standard and limited company borrowers at 75 per cent LTV the rate is 5.69 per cent and for HMO and MUB borrowers, the price is set at 5.83 per cent. All come with a two per cent fee.
Standard and limited company products come with a free valuation for loans up to £500,000 and after that the valuation is available at a discounted price.
Rental stress calculations for two-year fixed rates are 125 per cent or 145 per cent, depending on tax status, at 7.69 per cent for standard and limited company borrowers.
For HMO and MUB borrowers, the rental stress calculation is 125 per cent or 145 per cent at 7.79 per cent.
For five-year fixed rates rental stress calculations are 125 per cent or 145 per cent at the initial pay rate.
‘Reassessing the product range’
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “At the end of May, we unfortunately had to pull our fixed-rate products but it was always our intention to relaunch back to market as quickly as possible.
“I’m pleased to say we’ve been able to do this in just over a week, with these new two- and five-year fixes across our three core ranges available today, and also our green five-year fixes which come with keener rates for those properties at EPC Level C and above. “
He added: “At the same time, we have relaunched our five-year fix at 70 per cent LTV – a lower rate/higher fee product, which we know is a popular option as advisers seek to secure the loan amounts required by landlord borrowers in today’s environment.
“Our intention is to keep reassessing our product range, and the options we can offer, and we hope to return with a broader product offering in the weeks ahead.
“We’d like to thank our intermediary partners for their patience over the last week or so; we remain absolutely committed to this sector and providing the buy-to-let mortgage finance their landlord clients continue to need at competitive rates.”