Fleet Mortgages has launched two new pay-rate five-year fixes; one in its Standard (Individual) range and the other for its Limited Company offering.
Both five-year products are fixed until 31 December 2022 and are offered up to 75% LTV.
The Standard product is a five-year fix at 3.89%, with an ICR of 135% at 3.89%; the revert rate is LIBOR plus 4.2%, currently 4.48%. It comes with a 1% fee.
The limited company deal os five-year fix at 3.89%, with an ICR of 125% at 3.89%; the revert rate is again LIBOR plus 4.2%, currently 4.48% and it comes with a fee of 1.5%.
Both the 135% ICR for the standard product and the 125% ICR for the limited company product are offered for all taxpayer bands.
Bob Young, chief executive officer of Fleet Mortgages, said: “As was recently pointed out, the big news for the buy-to-let market has not been the increase in Bank Base Rate but the rise in swap rates due to movement in the capital markets. The good news for advisers and their clients however is that there are some very competitive and attractive five-year fixes available now which will provide them with payment certainty over a much longer timescale and allow them to plan ahead with some confidence.
“These two new pay-rate products are offered in both our Standard and Limited Company ranges as we recognise the need to cater for those who are either buying or remortgaging as individuals or through a corporate vehicle. Plus they come with low revert rates in order to cushion the potential for any future rate shock.
“Allied to this, and our fee reductions, we believe this represents considerable value for advisers and their clients, and coupled with our specialist knowledge and commitment to the portfolio/professional landlord we intend to make dealing with Fleet Mortgages as simple as possible for all concerned.”