Fleet Mortgages has announced its first product range covering individual, limited company and houses in multiple occupation (HMO) buy-to-let products.
The launch of the product range is expected to be in December.
The new lender is offering a selection of two and five-year fixed-rate deals and three-year tracker rates based on LIBOR across all three product options.
Fleet Mortgages is offering specific 65%, 75% and 80% LTV products for individual and limited company buy-to-lets, and 65% and 75% LTV for HMOs.
Product range highlights include:
- A two-year fixed-rate 65% LTV individual buy-to-let product priced at 2.79%. Fleet Mortgages also has two-year fixed-rate options at 75% LTV (3.29%) and 80% LTV (4.79%). Plus a five-year fixed rate for 75% LTV at 4.29%.
- Individual buy-to-let tracker options for three years at 65% LTV – 2.85%; 75% LTV – 3.35%; and 80% LTV – 4.75%. All tracker rates are based on LIBOR.
- Two-year limited company fixed-rate buy-to-let products priced at 4.39% (65% LTV), 4.59% (70% LTV), and 5.29% (80% LTV). Three-year tracker rates are priced at 4.55% (65% LTV), 4.75% (70% LTV), and 5.25% (80% LTV).
- Two-year fixed-rate HMO buy-to-let products priced at 5.29% (65% LTV) and 5.39% (75% LTV). Fleet Mortgages is also offering a five-year fix at 75% LTV at 5.99% and a three-year tracker at 5.45% at 65% LTV.
Completion fee levels on the products range from 1% on all individual buy-to-let, 1.5% on limited company and 2% on HMOs.
Early repayment charges are set at a standard 5% until the end of the deal, with revert rates ranging from LIBOR plus 4.5% on individual buy-to-let products, LIBOR plus 5.31% on limited company deals, and LIBOR plus 5% on HMOs.
Fleet Mortgages’ key criteria includes the following:
- Rental income is set at either greater than 125% at the initial rate, 5% or revert rate – whichever is higher.
- Loan sizes of between £25,001 and £750k.
- 80% LTV loans up to £500k, 75% for loans up to £750k.
- Minimum mortgage term of five years, maximum mortgage term of 35 years.
- The minimum customer age is 25 years old, the maximum is 75 years at the end of the mortgage term.
Bob Young (pictured), chief executive officer of Fleet Mortgages, said: “It is with great pleasure that we can officially announce this first Fleet Mortgages’ buy-to-let product range which is specifically for the intermediary market and has been designed in collaboration with many adviser stakeholders. Our aim has been to deliver a competitive product range which focuses on the needs of the experienced landlord. Plus we have not only developed products for individuals but have also sought to offer a range which caters for, what we think, is an underserved section of borrowers – namely limited companies and HMOs.
“The products have been designed with simplicity in mind and with consistency across the piece in terms of, for example, fee levels and ERCs. Our criteria has also been established in order for us to be absolutely clear about what we will accept and what we won’t.
“The countdown to launch has now begun and we will be opening the Fleet Mortgages’ doors soon. We have been overwhelmed by the positive response we have received from the intermediary community and we are now looking forward to providing them with the very highest quality of service. Fleet Mortgages is firmly situated on the starting grid and the lights are about to turn green.”
