Fleet Mortgages launch two new pay-rate fixes

08 November 2017

Fleet Mortgages, the buy-to-let and specialist lender, has today (8th November 2017) launched two new pay-rate five-year fixes – one in its Standard (Individual) range and the other for its Limited Company offering.

Both five-year products are fixed until 31st December 2022 and are offered up to 75% LTV. The new products are:

• Standard: five-year fix at 3.89%, with an ICR of 135% at 3.89%; the revert rate is LIBOR plus 4.2%, currently 4.48%. It comes with a 1% fee.
• Limited company: five-year fix at 3.89%, with an ICR of 125% at 3.89%; the revert rate is again LIBOR plus 4.2%, currently 4.48% and it comes with a fee of 1.5%.

Both the 135% ICR for the standard product and the 125% ICR for the limited company product are offered for all taxpayer bands.

These new products follow Fleet Mortgages’ recent decision to reduce its fees for all limited company products – except this new five-year fix – to 1.25%, and HMO product fees have fallen from 2% to 1.5%. Fees across its standard range remain unchanged at 1%.

These new products and fee changes also follow the introduction of Fleet Mortgages’ three key commitments to advisers and their portfolio landlord clients. These are:

• No additional work – a standard application form and Property Asset & Liability Statement remains plus no requirement to key in details of the individual property in the portfolio
• No delays for the client due to additional processing.
• Focus on quicker processing times meaning no increases in costs to client.

The full, new product guide is now available to view by visiting Fleet Mortgages’ website at: www.fleetmortgages.co.uk/products-p-9.html

Bob Young, Chief Executive Officer of Fleet Mortgages, commented:

“As was recently pointed out, the big news for the buy-to-let market has not been the increase in Bank Base Rate but the rise in swap rates due to movement in the capital markets. The good news for advisers and their clients however is that there are some very competitive and attractive five-year fixes available now which will provide them with payment certainty over a much longer timescale and allow them to plan ahead with some confidence. These two new pay-rate products are offered in both our Standard and Limited Company ranges as we recognise the need to cater for those who are either buying or remortgaging as individuals or through a corporate vehicle. Plus they come with low revert rates in order to cushion the potential for any future rate shock. Allied to this, and our fee reductions, we believe this represents considerable value for advisers and their clients, and coupled with our specialist knowledge and commitment to the portfolio/professional landlord we intend to make dealing with Fleet Mortgages as simple as possible for all concerned.”

For further information on Fleet Mortgages, please visit: www.fleetmortgages.co.uk