New rates available in three BTL core ranges
Buy-to-let specialist lender Fleet Mortgages has launched seven-year fixed rates in all three of its buy-to-let core ranges – standard, limited company/LLP, and HMO/multi-unit freehold block (MUFB).
Advisers will now have access to the new 75% LTV products, available for remortgage-only borrowers, with standard and limited company/LLP options priced at 3.29%, and HMO/MUFB priced at 3.59%.
The products are available with a minimum loan of £25,001 up to £1 million and come with a rental calculation of 125% at 3.29% for standard/limited company and 125% at 3.59% for HMO.
Product fees are 2% for standard/limited company with a free valuation offered for properties valued up to £500,000, and thereafter discounted. HMO product fees are 2.25%.
Reversion rates are bank base rate plus 5% for standard/limited company, and bank base rate plus 5.25% for HMO.
Steve Cox, chief commercial officer at Fleet Mortgages, said that part of their focus is to offer a variety of product options for landlord borrowers, including those who want to fix their monthly mortgage payments over a longer term.
“The introduction of these new seven-year fixes allows them to do just that and provides them with rate and mortgage certainty. At present we appear to have a rising interest-rate environment, so it’s not surprising to see landlords seeking longer-term fixed-rate options that allow them to mitigate against this,” Cox said.
