The lender’s new BTL standard products are available up to 65% loan to value (LTV), with its version with a £1,999 fee priced at 5.64% and the no-fee version coming to 5.84%. It has a maximum loan size of £2m.
The firm has also cut rates for standard five-year fixed rate deals at 75% LTV by up to 0.15%. The fee-free option is priced at 5.94%, while its 3% option comes to 5.49%. They have a maximum loan size of £1m.
The standard products come with a rental calculation of 125% at pay rate for basic taxpayers and 145% at pay rate for higher-rate taxpayers.
Free valuations are available for properties valued up to £500,000, and are discounted for above this level.
Steve Cox, chief commercial officer at Fleet Mortgages – which underwent a rebrand in February – said: “We are pleased to be able to launch two new standard fixed rate products at 65% LTV and to be able to cut our pricing at 75% LTV.
“Having both zero- and fixed-fee options is clearly important in this market, and provides landlord borrowers with options to either have a lower rate or to save money upfront with no fee payable on the product.”
He continued: “We’ve seen over the last 12-18 months that landlords want options; for some, that is in order to meet affordability criteria in a higher rate environment, while for others, it is about not adding fees to the loan.
“These new standard rate products, and the price cuts at 75% LTV, provide those options and should hopefully give advisers further product choice to present to those eligible landlord borrower clients, for both remortgage and purchase business.”
Saffron BS reprices deals to help large loan clients
Saffron Building Society has lowered rates across its owner-occupied and green residential deals to help brokers “supporting clients in need of larger finance packages”.
The lender is repricing two of its 80% LTV owner-occupied mortgages, with its two-year fixed owner-occupied rate falling from 5.67% to 5.37% and its five-year fixed rate large loan deal also standing at 5.37%.
The maximum loan size is £2m at 80% LTV for its owner-occupied rate and £5m for its owner-occupied large loan range.
Saffron Building Society has also lowered the rate for its green residential mortgage, with its two-year fixed rate deal at 80% LTV going from 5.67% to 5.37%.
Tony Hall, head of business development at Saffron for Intermediaries, said: “At Saffron, we put broker feedback at the heart of everything we do, and that becomes even more important when the market is developing so quickly. We continually review the factors at play, and have made changes to support the large loan market as a result.”
CHL Mortgages updates BTL product range
CHL Mortgages has revised its product range with pricing starting from 3.41% on certain deals.
The lender’s products will be available with 2%, 3.5%, 5% and 7% fee options and LTV bandings of 55%, 65%, 70% and 75%.
Two-year standard BTL products start from 3.41%, while houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) begin from 3.43%.
Five-year fixed standard rates are priced from 4.76% and HMO/MUFB deals start from 4.83%.
Ross Turrell, commercial director at CHL Mortgages, said: “Despite the recent increasing swap rates, we are still pleased to provide low rate options to landlords, which is a useful solution to assist with cash flow.”
