Fleet Mortgages launches fixed fee buy-to-let products

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  • 09/10/2018
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Fleet Mortgages launches fixed fee buy-to-let products
Fleet Mortgages has launched a series of fixed-fee mortgages to expand its existing product range, aimed at helping advisers who are sourcing larger buy-to-let loans.

 

The new fixed-fee range offers products in Fleet Mortgages’ three core sectors: standard, limited company and houses in multiple occupation (HMO)/multi-unit block (MUB).

For all standard products, the two-year fixes have a fee of £1,999 or £4,999 depending on maximum loan size, while five-year deals have a fixed fee of £4,999 offered at rental cover of 135% at initial rate.

Limited company two-year products have a fixed fee of £2,499 or £6,250, again depending on maximum loan size, while five-year fixes have a £6,250 fee offered at rental cover of 125% at initial rate.

Both categories have deals available at up to 75% loan to value (LTV).

In the HMO sector, two-year and five-year fixes come with a £7,499 fee and are available at 65% or 75% LTV.

Fees on the standard range remain at 1%, fees on the limited company range are 1.25%, except for the pay rate product which is 1.5%, whilst on the HMO range, they remain at 1.5%.

 

Professional landlords active

Fleet Mortgages has also launched a new standard 75% LTV, two-year fix at 2.99% with a 1% fee.

For all standard and limited company products, except those offered at pay rate, Fleet Mortgages operates an ICR of 125% at 5%, regardless of tax rate.

Chief executive officer of Fleet Mortgages, Bob Young, said there has been a noticeable uptick in buy-to-let activity in recent months, with professional landlords in particular seeking to add to portfolios, while also looking at refinance options in order to release capital for further purchases.

He added: “The introduction of this new fixed-fee range to complement our existing percentage-based fee product offering does just that, and we believe it will be especially beneficial for those who are seeking larger buy-to-let loans.

“We believe these fixed-fee mortgages will provide greater product choice for landlord borrowers and provide further evidence of our continued specialist focus on the market and our increased appetite to lend.”

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