The new range includes both two- and five-year fixes across standard, limited company, and HMO or MUB
Buy-to-let specialist lender Fleet Mortgages has launched a new suite of product transfer products for existing borrowers.
The new range includes both two- and five-year fixed rate products available across the lender’s three core areas: standard, limited company, and house in multiple occupation (HMO) or multi-unit block (MUB).
Eligible standard or limited company borrowers can avail of the two-year fix or the five-year option priced at 5.79% and 6.09%, respectively. Eligible HMO or MUB borrowers also have access to the two-year and five-year fixed rate priced at 5.99% and 6.23%, respectively.
The lender’s product transfer products have a fee of 2.5% – reduced by 50 basis points on the equivalent new business product range – with a revert rate of bank base rate plus 3% after the end of the fixed rate period.
📢 Product Transfers…Launching today 📢
— Fleet Mortgages (@FleetMortgages) September 13, 2023
Available for existing borrowers giving advisers a greater level of confidence when recommending #FleetMortgages to new borrowers. https://t.co/636CAXggxw#buytolet pic.twitter.com/mDfTfCYAz3
Last month, Fleet launched a new range of two-year fixed rate products, available at up to 75% loan-to-value for standard, limited company, and HMO or MUB borrowers.
“As we continue to broaden our offering, we are very pleased to be launching this new range of product transfer products,” stated Steve Cox (pictured), chief commercial officer at Fleet Mortgages.
“Given where we are with the new rate environment, we believe this is a vital new option that will support ongoing property investment and provide peace of mind to eligible borrowers in terms of their continued ability to be active in the private rental sector.
“The rates on the product transfer range currently mirror those currently available for new borrowers. However, there is a discount on the fee, and of course, our existing relationship with the customer will make the processing that much simpler.”
Cox reminded advisers to contact Fleet prior to making an application for a product transfer to ensure their client was eligible for the products and to discuss other possible options.
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