Fleet Mortgages has launched a range of two and five-year fixed-rate mortgages in its three core ranges: standard, limited company and HMO/MUB.
The buy-to-let specialist lender’s two-year fixed-rate mortgage, available up to 75% LTV is priced at 5.69% for standard and limited company borrowers, and 5.79% for HMO/MUB borrowers. Two-year fixes come with a 2% fee.
Five-year fixes are available at three different LTV options:
- 65% LTV – standard and limited company products are priced at 5.69% and the HMO/MUB product is priced at 5.83%. With a 2% fee.
- 70% LTV – products come with cheaper rates but a higher 5% fee; standard and limited company products are priced at 5.19% and the HMO/MUB product is priced at 5.29%.
- 75% LTV – standard and limited company products are priced at 5.79% and the HMO/MUB product is priced at 5.93%. With a 2% fee.
The new range of fixes also includes Green five-year fixed rate options for those purchasing or remortgaging a property with an EPC level of C and above, available at 75% LTV. For standard and limited company borrowers, the Green five-year fix is priced at 5.69% and for HMO/MUB borrowers the price is 5.83%. All Green products come with a 2% fee.
All standard and limited company products come with a free valuation, for loans up to £500,000, after which the valuation is available at a discounted price.
Rental stress calculations for the two-year fixes are 125% or 145% – depending on the borrower’s tax status – at 7.69% for standard and limited company borrowers and 125%/145% at 7.79% for HMOs and MUBs.
On all five-year fixed-rate products rental stress calculations are either 125% or 145% at the initial ‘pay rate’.
Fleet also continues to offer both Tracker and Green Tracker product options, available up to 75% LTV.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “At the end of May we unfortunately had to pull our fixed-rate products but it was always our intention to relaunch back to market as quickly as possible.
“I’m pleased to say we’ve been able to do this in just over a week, with these new two- and five-year fixes across our three core ranges available today, and also our Green five-year fixes which come with keener rates for those properties at EPC Level C and above.
“At the same time, we have relaunched our five-year fix at 70% LTV – a lower rate/higher fee product, which we know is a popular option as advisers seek to secure the loan amounts required by landlord borrowers in today’s environment.
“Our intention is to keep reassessing our product range, and the options we can offer, and we hope to return with a broader product offering in the weeks ahead.
“We’d like to thank our intermediary partners for their patience over the last week or so; we remain absolutely committed to this sector and providing the buy-to-let mortgage finance their landlord clients continue to need at competitive rates.”
