Fleet Mortgages has launched a product with lower completion fees for loans up to £150,000.
The deal, a two-year, fixed-rate product is available for both standard buy-to-let borrowers and those utilising a limited company vehicle and offers lower completion fees for those wishing to borrow £150,000 or less.
The standard buy-to-let product is offered at 3.29% until 31 October 2017 with a reversion rate currently of 5.1% (LIBOR plus 4.5%) and a completion fee down from 1% of the loan to £500.
The limited company option has a rate of 4.39% until the same date, and a reversion rate of 5.35% (LIBOR plus 4.75%) and a completion fee down from 1.5% of the loan to £750.
Both standard and limited company options are available up to 75% LTV and available on house purchase and remortgage. The minimum loan is £25,001 and the maximum £150,000, with early repayment charges of 5%, and a booking fee of £150.
Fleet Mortgages also recently repriced two of its lifetime tracker products for those purchasing or remortgaging HMO properties. For loans up to 65% LTV the new rate is 4.25% (LIBOR plus 3.65%) and for those up to 75% it is 4.8% (LIBOR plus 4.2%).
Bob Young (pictured), CEO of Fleet Mortgages, said: “Part of developing a product range is understanding where there may be opportunities and also acknowledging it’s difficult to have ‘catch all’ offerings. By this I mean that you have to tailor your products to fit different borrower circumstances and property types, vehicles, etc, the list goes on.
“These new products for both standard and limited company buy-to-let are essentially offering cuts in our completion fees to those borrowers who want and need smaller loans. This is likely to be because they are purchasing or remortgaging in a lower-priced area and therefore it makes sense for us not to operate a percentage fee but charge a fixed amount instead. We think it will appeal to this type of borrower and shows our ability to be both tailored and flexible in our proposition.
“Added to our recent HMO repricing we believe Fleet Mortgages offers a particularly strong product range across the board and we are actively working with our supportive broker partners in order to help their experienced landlord clients secure the finance they need.”