FLEET MORTGAGES LAUNCHES NEW FIVE-YEAR 70% LTV FIXES
10 July 2023
Fleet Mortgages, the buy-to-let specialist lender, has today (10th July 2023) launched new five-year fixed-rate mortgages, available across its three core product ranges – standard, limited company and HMO/multi-unit block.
The five-year fixed-rates are available at 5.69% for standard and limited company borrowers and 5.89% for HMO and multi-unit block borrowers and come with a 5% fee.
These products are the latest in a line of lower rate, higher fee options for landlord borrowers to help them meet the affordability requirements that come with a higher rate environment.
Fleet also announced its current core range pricing has remained the same, however fixed-rate and Green fixed-rate products with percentage fees have been moved from 2% to 3%.
The lender continues to offer both Lifetime Tracker and Green Lifetime Tracker products up to 75% LTV with a fee of 2%.
Green products are available for those borrowers either purchasing or remortgaging a property which has an Energy Performance Certificate (EPC) level of C and above.
Last month, Fleet announced the launch of a new, limited edition product feature which will reward landlord borrowers with a £1,000 cashback payment if they improve the EPC level of the property to a C or above during the course of the initial fixed-rate period. The product feature is not available on Green products.
Fleet Mortgages’ product guide and full list of lending criteria is available to view by visiting its website at: www.fleetmortgages.co.uk
Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented:
“Affordability for buy-to-let borrowers remains a significant challenge in this higher rate environment so at Fleet we want to ensure we provide an array of product options which might help advisers and their clients to secure the finance they need. The launch of these new five-year 70% LTV fixed-rate products, which come with a lower rate and higher fee are designed to do just that, and from previous forays into this space, we know they are proving popular. Alongside our other five-year products, plus our Green options for both fixes and lifetime trackers, we are hopefully offering a range of solutions that landlords can utilise.”
