The new products are available up to 75% loan to value (LTV) and come with both a zero-fee and fixed-fee option. The zero-fee product is available at a rate of 6.09%, while the £1,499 fixed-fee product is available at 5.99% up to a maximum loan level of £750,000.
The products are available for both HMO or MUFB house purchase or remortgage and come with a cashback of £1,000 on completion.
Fleet Mortgages said the new products broadened the array of finance solutions to landlord borrowers who are increasingly looking at HMOs and MUFBs to benefit from the higher rental yields they can often deliver.
HMOs and MUFBs have continued to experience reductions or revisions across a range of specialist lenders over the last few months.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “We continue to see landlords looking closely at how they can secure stronger rental yields, particularly given the higher costs that now come with owning and financing buy-to-let property, and HMOs and MUFBs can clearly play an important role here. These are property types that can offer landlords greater income potential and provide further diversification within portfolios, so it’s important advisers have access to a broad range of finance options for clients who are either purchasing or refinancing in these areas.
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“The reintroduction of these five-year, fixed rate options adds further choice for HMO and MUFB borrowers, including different fee structures to suit individual circumstances, while the £1,000 cashback will also help with some of the costs involved in completing a transaction.
“Alongside the criteria changes we have made throughout this year, we want to ensure our proposition reflects the way landlords are operating today and gives advisers more ways to support clients as they assess their existing portfolios and consider where the next opportunities might lie.”
