Fleet Mortgages has introduced five new products across both its individual and limited company ranges.
Lifetime trackers replace lender’s previous pay rate trackers, and there is also the return of 80% LTV options for both.
The new individual products are a two-year 80% LTV fix at 3.79% and a 75% LTV lifetime tracker at 4%.
Both products come with a 1% fee and rent is calculated at 125% at 5%.
The new limited company products for those using corporate structures are a two-year 80% LTV fix at 4.39%, a 75% LTV lifetime tracker at 4.2% and a 65% LTV lifetime tracker at 4%.
All three products come with a 1.5% fee and again rent is calculated at 125% at 5%.
Both new 80% LTV product options for individuals and limited company borrowers come with a maximum loan size of £500,000; the maximum loan size up to 75% LTV is £750,000, and up to 70% LTV is £1m.
“We’re very pleased to be launching these five new products across both our individual and limited company ranges today, especially with our return to the 80% LTV market with these two-year fixes,” said Bob Young, CEO of Fleet Mortgages.
“We’ve seen over the course of the last 12 months the increase in demand for limited company products, particularly when it comes to new purchases, however many landlord borrowers continue to hold their existing properties in their individual names and it’s therefore important that we continue to offer competitive products in this space.
“Overall, the market has kicked off strongly at the start of 2017, and we’ve seen a considerable amount of demand and interest from advisers. One thing we are aware of however is the increased frustration around many lenders’ rent to income calculations, their ever-changing criteria, plus major difficulties when it comes to finding products on sourcing systems and being able to compare like-for-like. Fleet Mortgages has not changed in this regard and we continue to operate with simple processes and offer a hassle-free approach for advisers with easy to use criteria.”
Young added: “Given the complexities in other parts of the buy-to-let-market, we believe this type of simple proposition will be greatly valued by both advisers and their clients as they seek to purchase or remortgage. We’re also intent on providing total confidence and certainty to advisers; our robust, intelligent underwriting ensures borrowers don’t take out loans they can’t afford which protects all concerned, and means advisers can rest assured that the borrowers they put through to us have been fully assessed to make sure they can afford their commitments.”
