The two- and five-year fixes in three core ranges are available up to 75% LTV
Buy-to-let specialist lender Fleet Mortgages has returned to the market, launching a range of two- and five-year fixed rate mortgages in its three core ranges.
The lender’s two-year fixes, available up to 75% loan-to-value (LTV), are priced at 5.69% for standard and limited company borrowers, and 5.79% for borrowers of a house in multiple occupation (HMO) or a multi-unit block (MUB). Two-year fixed rates come with a 2% fee.
Five-year fixes at 65% LTV with a 2% fee are available at 5.69% for standard and limited company products, and at 5.83% for the HMO/MUB product. The 70% LTV products come with cheaper rates but a higher 5% fee; standard and limited company products are priced at 5.19% and the HMO/MUB product is priced at 5.29%. For the 75% LTV five-year fixes with a 2% fee, standard and limited company products have rates of 5.79%, while the HMO/MUB product has a rate of 5.93%.
“At the end of May, we unfortunately had to pull our fixed rate products, but it was always our intention to relaunch back to market as quickly as possible,” Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said. “I’m pleased to say we’ve been able to do this in just over a week, with these new two- and five-year fixes across our three core ranges available today.
“At the same time, we have relaunched our five-year fix at 70% LTV – a lower rate/higher fee product, which we know is a popular option as advisers seek to secure the loan amounts required by landlord borrowers in today’s environment.”
The new range of fixes, the lender announced in a news update, also include green five-year fixed rate options – for those purchasing or remortgaging a property with an energy performance certificate (EPC) rating of ‘C’ and above – available at 75% LTV.
For standard and limited company borrowers, the green five-year fix is priced at 5.69%, and for HMO/MUB borrowers, the price is 5.83%. All green products come with a 2% fee.
All standard and limited company products come with a free valuation, for loans up to £500,000, after which the valuation is available at a discounted price.
Rental stress calculations for the two-year fixes are 125% or 145% – depending on the borrower’s tax status – at 7.69% for standard and limited company borrowers and 125%/145% at 7.79% for HMOs and MUBs.
On all five-year fixed-rate products, rental stress calculations are either 125% or 145% at the initial ‘pay rate’.
The specialist lender also continues to offer both tracker and green tracker product options, available up to 75% LTV.
Fleet Mortgages’ product guide and full list of lending criteria is available online through the BTL lender’s website.
“Our intention is to keep reassessing our product range, and the options we can offer,” Cox said. “We hope to return with a broader product offering in the weeks ahead.
“We’d like to thank our intermediary partners for their patience over the last week or so. We remain absolutely committed to this sector and providing the buy-to-let mortgage finance their landlord clients continue to need at competitive rates.”
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