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Fleet Mortgages launches product transfer range

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  • 13/09/2023
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Fleet Mortgages launches product transfer range
Specialist buy-to-let lender Fleet Mortgages has released a suite of product transfer products for existing borrowers, including two and five-year fixed rates across standard, limited company and houses in multiple occupation (HMO) and multi-unit block (MUB) ranges.

For standard and limited company borrowers, two-year fixed rates start from 5.79 per cent and five-year fixed rates begin from 6.09 per cent.

In its HMO and MUB range, two-year fixed rates are priced from 5.99 per cent and its five-year fixed rates start from 6.23 per cent.

Fees for product transfer products start at 2.5 per cent, which is a 50-basis point reduction on its equivalent new business range.

The revert rate is the base rate plus three per cent after the end of the fixed rate period.

The lender said advisers should check with them to discuss existing customer eligibility before applying for product transfers.

Steve Cox, chief commercial officer at Fleet Mortgages, said: “As we continue to broaden our offering, we are very pleased to be launching this new range of product transfer products.

“Given where we are with the new rate environment, we believe this is a vital new option that will support ongoing property investment and provide peace of mind to eligible borrowers in terms of their continued ability to be active in the private rental sector.”

He added: “It should also give a greater level of confidence to advisers in recommending Fleet to new borrowers, knowing that we are able to offer product transfers when those deals come to an end.

“The rates on the product transfer range currently mirror those currently available for new borrowers, however there is a discount on the fee and of course our existing relationship with the customer will make the processing that much simpler.

“However, as mentioned, advisers do need to contact Fleet prior to making an application for a product transfer to ensure their client is eligible for these products and to discuss other possible options.”

 

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