Fleet Mortgages has announced a series of rate cuts and new 80% LTV product options with two and five-year deals for both standard and limited company/LLP borrowers.
The new products are two-year fixed-rate buy-to-let mortgages, offered at 3.89% up to 80% LTV, and five-year fixed-rate products offered at 4.15%, also up to 80% LTV.
The two-year options come with a rental calculation of 125% at 5.5%, while the five-year products come with rental calculation of 125% at payrate. All new products come with a 2% fee.
Fleet’s products which have seen rates cut include:
- Two-year fixed-rate mortgages for standard and limited company/LLP landlord borrowers cut to 2.99% (from 3.04%) for 65% LTV, 3.14 (from 3.24%) for 70% LTV, and 3.24% (from 3.34%) for 75% LTV. All products come with a 1.5% fee, and a rental calculation of 125% at 5.5%.
- Two-year fixed-rate mortgages for HMO/multi-unit block borrowers cut to 3.49% (from 3.54%) for 70% LTV and 3.54% (from 3.69%) for 75% LTV. Again, all products come with a 1.5% fee and a rental calculation of 125% at 5.5%.
- Five-year fixed-rate mortgages for standard and limited company/LLP landlord borrowers cut to 3.29% (from 3.44%) at 65% LTV and 3.39% (from 3.49%) for 75% LTV. The standard products come with a 1.5% fee and the limited company products have a fee of 1.75%, and the rental calculation is 125% at payrate.
- Five-year fixed rate mortgages for HMO/multi-unit block borrowers cut to 3.53% (from 3.59%) at 65% LTV and 3.73% (from 3.79%) for 75% LTV. Each comes with a fee of 1.5% and a rental calculation of 125% at payrate.
All Fleet’s standard and limited company products include either free or discounted valuations – the lender also offers Lifetime Tracker rates with no ERCs across all three core areas of its range: standard, limited company/LLP, and HMO/MUB.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “It’s very pleasing to be able to introduce a number of new higher LTV options to the Fleet product range, and to cater for those landlord borrowers who want these types of mortgages for either purchase or remortgage purposes. At the same time, we can make a number of price cuts for both two- and five-year fixed-rate options in our core standard, limited company/LLP, and HMO/MUB sectors.
“The first half of 2021 has undoubtedly been a very busy time in the landlord purchase space, and we anticipate this will continue through to the end of the partial stamp duty holiday period and beyond. Plus we’ll see landlords utilising their portfolios via remortgage activity in order to access the equity for further purchases. Landlords can see that the fundamentals for the private rental sector remain incredibly strong, with tenant demand growing, rental yield pushing up, and strong capital returns over a long time horizon.
“We’re catering for those landlords who can see the real opportunities property investment delivers in the UK, and these new products and the rate cuts provide them with an excellent source of finance, with competitive pricing via a highly-experienced specialist lending team. We’d urge advisers active in this space to contact Fleet to see how we can support the growth of your business levels in buy-to-let.”