Fleet Mortgages has launched its first full buy-to-let product range funded by its new parent, Starling Bank.
Covering its three core areas of lending – standard, limited company/LLP, and HMO/multi-unit block – the new range has widespread price reductions, with rates starting from 2.59% and rental calculations from 125% at 2.99%.
The offering includes the following:
- Standard – two-year fixes at 2.59% (65% LTV) and 2.69% (75% LTV); five-year fixes at 2.99% (65% LTV) and 3.09% (75% LTV); and trackers at 3.09% (65% LTV) and 3.19% (75% LTV)
- Limited company/LLP – two-year fixes at 2.79% (65% LTV) and 2.89% (75% LTV); five-year fixes at 2.99% (65% LTV) and 3.09% (75% LTV); and trackers at 3.09% (65% LTV) and 3.19% (75% LTV)
- HMO/MUB – two-year fixes at 3.09% (65% LTV) and 3.19% (75% LTV); five-year fixes at 3.35% (65% LTV) and 3.44% (75% LTV); and trackers at 3.39% (65% LTV) and 3.49% (75% LTV)
All five-year fixes are payrate products with a rental calculation of 125% at the pay rate, while the trackers are lifetime products tracking thing the Bank of England Base Rate with no ERCs.
Standard and limited company/LLP products come with either free or discounted valuations.
Fleet is currently assessing documents within 24 hours, conducting same-day DIP reviews and providing valuation turnarounds within 24 hours.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “This is an exciting day for Fleet Mortgages as we launch our first new product range fully funded by Starling Bank. At the time of the acquisition, we outlined how this new partnership would allow Fleet to offer highly-competitive products and this new range is the first fruits of this partnership.
“We have been able to cut prices across the entire range and believe these products will appeal to advisers and their landlord clients, whether seeking to purchase or refinance. Coupled with our commitment to service excellence and our experience in the buy-to-let market, we believe there are a large number of compelling reasons to use Fleet and would urge advisers to contact their regular business development contacts to see how we can support them.”