Fleet Mortgages launches limited company products and cuts ICR

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  • 13/12/2018
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Fleet Mortgages launches limited company products and cuts ICR
Fleet Mortgages has launched new products across its standard and limited company ranges, as well as criteria changes specifically for portfolio landlords.

 

The new products include the introduction of three-year deals and pay rates on its standard range moving to an interest cover ratio (ICR) of 125% at the initial rate, down from 135%.

They also include free valuations on all standard and limited company products for two-, three- and five-year deals up to a property value of £500,000.

The lender has now introduced a tier offering a maximum 65% loan to value (LTV) on deals between £2m to £4m.

Both the standard range and limited company range now include a number of new products all with a free valuation for properties valued up to, and including, £500,000 with rates starting from 2.99% at 75% LTV for two-year fixed rate products.

The lender has also extended all end dates on its two-year products to the 31st March 2021, and its five-year products to 31st March 2024.

For all these standard and limited company products, except those offered at pay rate which are offered at 125% at the initial rate, Fleet Mortgages operates an ICR of 125% at 5%, regardless of the customer’s tax band.

Steve Cox, distribution director of Fleet Mortgages (pictured), said: “Since our launch over four years ago, we have made a commitment to listen to advisers and, where we could, to reflect their wants and needs to provide great customer solutions.

“Overall, we hope and believe these product pricing and criteria changes, coupled with our focus on simplicity and certainty, will cement our position as an expert in the buy-to-let field.”

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