Despite its return to 75 per cent LTV, Fleet said lending would still be “subdued” as capital markets were not yet near a “business as usual” level.
The lender limited its lending to 60 per cent LTV in March in response to market conditions caused by the coronavirus pandemic.
Within its standard range, Fleet has launched two-year fixes at 3.44 per cent for 70 per cent LTV and 3.64 per cent for 75 per cent LTV. Both have a one per cent fee and an interest cover ratio (ICR) of 125 per cent at 5.5 per cent.
There are also five-year fixes priced at 3.74 per cent for 70 per cent LTV and 3.79 per cent for 75 per cent LTV, both with a 1.5 per cent fee and an ICR of 125 per cent at 5.5 per cent.
Among its limited company offering, there are two-year fixes with a rate of 3.54 per cent for 70 per cent LTV and 3.74 per cent for 75 per cent LTV, both with a fee of 1.25 per cent and an ICR of 125 per cent at five per cent.
For HMO lending, there is a five-year fix at 70 per cent LTV with a rate of 3.94 per cent, a 1.5 per cent fee and an ICR of 125 per cent at the initial rate.
Its 60 per cent LTV offering has also seen rate cuts; the standard two-year fix is down to 3.39 per cent and the five-year fix is down to 3.8 per cent.
The 60 per cent LTV limited company range has also seen its two-year fix reduced to 3.39 per cent.
Not yet business as usual
Steve Cox (pictured), distribution director of Fleet Mortgages, said: “The capital markets are not yet near a ‘business as usual’ position as this can’t be a light switch that we can turn on, even with the housing market reopening and especially since physical valuations can now take place.”
“Our funders want us to approach this market cautiously and, to that end, our appetite for lending is still going to be subdued, but slowly climbing.”
“However, we believe this is good news for the market and means we can begin again to re-engage with intermediaries at a higher LTV level and offer them more options for those landlord clients who are seeking finance,” he added.
Pepper launches ‘light’ range
Pepper Money has launched a Pepper Light mortgage range and made changes to its range following feedback from brokers.
Pepper Light is a range of residential and buy to let products for customers who may have experienced defaults, missed payments and arrears, but received no county court judgements (CCJs) and rates start from 3.70 per cent.
As part of its revision to its wider offering, Pepper has also removed its Pepper 6 products.
Paul Adams, sales director at Pepper Money, said: “Specialist lending in the current environment is a real balancing act. We are seeing so much demand across our range as the number of customers with complex circumstances continues to grow, but each case also requires extra underwriting scrutiny, given the uncertain economic environment.
“So, it’s important that we respond to the demand to ensure brokers have the most appropriate solution for their clients but also take steps to protect our service where necessary.”