Fleet Mortgages launch new five-year standard fixes and cut rates on limited company products
29 May 2019
These new products are offered in addition to its existing product range and include rate reductions of 15 basis points:
- Standard – a 3.39% product with a rental calculation of 125% at 5.5% and a 3.59% with a rental calculation of 125% at the initial rate. Both come with a 2% fee and a free valuation for properties valued up to and including £500k after which discounted valuation fee will apply
- Standard – a 3.39% product with a rental calculation of 125% at 5.5% and a 3.59% with a rental calculation of 125% at the initial rate. Both come with a 1.75% fee.
- Limited company – a 3.49% product with a rental calculation of 125% at 5.5%, a fee of 1.5%, and a free valuation for properties valued up to and including £500k after which discounted valuation fee will apply; a 3.59% product with a rental calculation of 125% at the initial rate and a fee of 1.5%; and a 3.49% product with a rental calculation of 125% at 5.5% and a fee of 1.25%.
The end dates for these products is the 31st July 2024 and all new business now qualifies for Product Transfers at expiry of the initial fixed-rate period. All products come with stepped early repayment charges.
The lender also introduced a number of criteria enhancements earlier this month including: minimum income requirements for borrowers reduced from £25k to £15k; the minimum primary applicant age has been reduced to 21 years old from 25; an increase in the 65% LTV aggregate portfolio lending size by £1m from £4m to £5m; and the maximum age for the borrower at the term of the mortgage has been changed to 95 years old.
The full new Fleet Mortgages’ product guide is available to view by visiting the website at: https://www.fleetmortgages.co.uk/products/
Steve Cox, Distribution Director of Fleet Mortgages, commented:
“It’s apparent that a growing number of landlord borrowers are looking for rate certainty over a longer period of time and they are seeking this via five-year deals. After consulting with our intermediary partners we have therefore introduced these new 75% LTV five-year fixes for both standard and limited company borrowers, which include price cuts by 15 basis points and offer greater choice in terms of rate, fee, rental calculation, plus three products also come with free valuations for those properties valued up to £500k.
“Recent research shows that more landlords, certainly those who fit the professional/portfolio definition, want to add to portfolios over the next 12-18 months but they also want to know exactly what their mortgage costs will be over a longer term. With these products available for both purchase and remortgage, and with more flexible criteria around income, age, portfolio lending size, we believe there will be plenty to interest advisers’ buy-to-let clients with both these products and our entire range.”
