Fleet Mortgages has introduced three new limited company products for those borrowers using corporate structures to purchase or remortgage.
The three new deals are available with immediate effect and are available up to 65% LTV. They include pay rate lifetime tracker at 4% (rent is calculated at 125% at 4%), a two-year fix at 3.40% (rent is calculated at 125% at 5%) and a five-year fix at 3.79% (rent again calculated at 125% at 5%).
These products are offered in addition to the full Fleet Mortgages product offering with no changes to the existing range.
With the new underwriting changes for PRA-authorised lenders being introduced from 1 January 2017, Fleet Mortgages is urging advisers to be proactive with their buy-to-let clients now, given the potential impact of such changes.
Bob Young, chief executive officer of Fleet Mortgages, said: “With just a few weeks left until we see some significant changes to the buy-to-let market for many lenders, it is vitally important that advisers look at all the available options for those clients who are going to be impacted by this. To that end, and given the increasing popularity of limited company buy-to-let, we have launched three new products in our range for borrowers utilising the advantages of a corporate structure.
“Advisers will note that we are offering one of these products at pay rate 125% at 4%, while the rest are offered with a rental calculation of 125% at 5%. Given the move in rental stress testing in much of the market we believe these products should be incredibly attractive right now, plus they come at highly competitive rates. This should give advisers every incentive to discuss these products and their buy-to-let clients’ wider options in light of what is coming over the horizon for much of the sector.”