Fleet Mortgages has launched a new two-year, fixed-rate product within its standard range.
The new product offers at an initial rate of 2.79% for the two-year term – up until the 31stMarch 2020 – with a revert rate of 5.28% (currently LIBOR plus 4.75%).
The product comes with an ICR of 125% at 5% for all level of tax payers and is offered at a maximum LTV of 75% with a maximum loan size of £200k. This two-year product maintains the 1% fee for all Fleet Mortgages’ standard rate products.
Bob Young, CEO of Fleet Mortgages, said: “We kick off 2018 with the launch of this new, two-year fixed-rate product within our standard range, which continues with our rental calculation of 125% at 5% and follows on from the launch of our five-year pay-rate products at the tail-end of last year. It maintains our focus on simplicity and delivering easy to understand products for both advisers and their clients, whilst not requesting unnecessary information or paperwork from them to support a case.
“We’ve hit the ground running already in 2018 and have seen significant interest in purchasing and refinancing, particularly from portfolio landlords. It looks likely that this year will continue to favour quality, specialist buy-to-let lenders and we have significant ambitions for the year ahead.”