It also reduces rates on products in its standard range
Specialist buy-to-let lender Fleet Mortgages has announced the introduction of new products and reduced pricing in its standard range.
The company launched two new five-year fixed rate products with up to 65% loan-to-value (LTV). One product, priced at 5.64%, has a fixed fee of £1,999 and is capped at a £300,000 loan size. The other offers a 5.84% rate, has no product fee, and allows for loans up to £2 million.
Fleet Mortgages has also decreased rates by 15 basis points on its 75% LTV five-year fixed rate offerings. The adjusted rates include a 5.94% product, down from 6.09%, with no fee, and a 5.34% rate, previously at 5.49%, which includes a 3% fee with a minimum charge of £750. Both products have a maximum loan amount of £1 million.
All standard products feature a rental calculation of 125% at the pay rate for basic taxpayers and 145% for higher rate taxpayers. Free valuations are provided for properties valued up to £500,000, with discounts available for higher values.
Fleet Mortgages also provides a variety of tracker products and product transfer options for existing borrowers.
“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,” said Steve Cox (pictured), chief commercial officer at Fleet Mortgages. “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 to 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.”
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