FLEET MORTGAGES LAUNCH NEW PRODUCTS AND CUT PRICING ON STANDARD RANGE

08 May 2024

Fleet Mortgages, the buy-to-let specialist lender, has today (8th May 2024) launched new products and cut pricing within its standard range.

There are two new five-year fixed-rate standard products launched today, available up to 65% LTV.

Product pricing for one is at 5.64%, comes with a fixed fee of £1,999, and is available up to a maximum loan size of £300k, while the other is a 5.84% product, with a zero product fee and a maximum loan size of £2m.

Fleet has also cut rates on its 75% LTV standard five-year, fixed-rate products by 15 basis points.

The zero fee option is available at a rate of 5.94%, previously 6.09%, while the 5.34% product, previously 5.49%, has a 3% fee – a minimum of £750. Both these products have a maximum loan size of £1m.

All standard products come with a rental calculation of 125% at pay rate for basic tax payers and 145% at pay rate for higher rate tax payers. Free valuations are available for properties valued up to £500k, and are discounted for values above this.

Fleet Mortgages also offer a range of Tracker products, plus a suite of product transfer options for existing borrowers.

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:

“We are pleased to be able to launch two new standard fixed-rate products at 65% LTV and to be able to cut our pricing at 75% LTV. Having both zero and fixed-fee options is clearly important in this market, and provides landlord borrowers with options to either have a lower rate or to save money upfront with no fee payable on the product. We’ve seen over the last 12-18 months that landlords want options; for some that is in order to meet affordability criteria in a higher rate environment, while for others it is about not adding fees to the loan. These new standard rate products, and the price cuts at 75% LTV, provide those options and should hopefully give advisers further product choice to present to those eligible landlord borrower clients, for both remortgage and purchase business.”

Fleet Mortgages’ product guide and full list of lending criteria is available to view by visiting its website at: www.fleetmortgages.co.uk