The products are available across its standard, limited company and HMO/MUB ranges
Buy-to-let specialist lender Fleet Mortgages has launched new limited edition, five-year fixed rate mortgage products without completion fees.
The products, the lender said, are tailored to meet the needs of standard, limited company, and house in multiple occupation (HMO) or multi-unit block (MUB) borrowers.
Fleet has set the interest rates for these five-year fixed-rate products at 5.59% for standard and limited company borrowers, while HMO or MUB borrowers have a higher rate at 5.93%. These rates apply up to a loan-to-value (LTV) ratio of 75%.
There is a booking fee of £199 for each mortgage product, with the lender also providing additional benefits such as free property valuations for standard and limited company borrowers on properties valued up to £500,000.
The product launch follows Fleet Mortgages’ recent move to reduce interest rates across its entire range of fixed rate products last month, including its green mortgages designed for properties with an ‘A’ to ‘C’ energy performance certificate (EPC) rating.
“Last year, the challenge of a higher interest rate environment and what it required in terms of affordability criteria, meant we saw a large number of lower rate/higher fee products being launched,” said Steve Cox (pictured), chief commercial officer at Fleet Mortgages. “Now that we have seen rates come off those highs, with swap rates stabilising, and a far more competitive rate environment, we wanted to ensure we offered a different set of products which did not come with any completion fee whatsoever.
“These three limited edition, five-year fixes offer landlord borrowers a highly-competitive rate from the outset, but with no completion fees to pay, meaning they do not have to pay those costs upfront or add the cost of the fee to the loan.
“Without the fee, these product rates for standard and limited company borrowers are equivalent to the same all-in cost as a 4.99% five-year product with a 3% fee, which makes this a very strong product offering and one which will mean no initial outlay or the addition of potentially thousands of pounds to the overall loan.”
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