The new product is a two-year fixed rate product priced at 2.99% available for standard buy-to-let borrowers, up to 75% LTV, rather than limited companies or those seeking to purchase/refinance HMOs.
The rate is fixed until the end of December 2017 and has a reversion rate of LIBOR plus 4.5%, currently 5.1%. The product comes with a completion fee of 1.25% of the loan amount with early repayment charges up until the end of the two-year period.
Fleet Mortgages’ usual criteria applies to this product, meaning there are no restrictions on the number of buy-to-let properties the borrower currently has.
The new product follows on from last week’s two-year fixed rate (available up to 75% LTV) offering for standard borrowers and those with limited company vehicles which offered a reduced completion fee for those wishing to borrow £150k or less.
The standard buy-to-let product is offered at 3.29% until the 31st 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 £150k, with early repayment charges of 5%, and a booking fee of £150.
Bob Young, Chief Executive Officer of Fleet Mortgages, commented:
“The summer months are traditionally a quieter period for lenders however our experience at Fleet Mortgages has been very different to that. Activity levels far exceeded our expectations and have allowed us to hit the ground running in September with a number of new product offerings. This two-year fix rate for standard buy-to-let borrowers is aimed at the mainstream landlord and provides a highly competitive rate delivering stability and certainty over that period. As with our reduced completion fee fixed-rate offering for both standard and limited company’s launched last week these product changes are in response to requests from our intermediary partners – at Fleet Mortgages we not only listen, we act.
“Not only do advisers and their clients have the products they asked for, but they have our criteria which although designed for the experienced landlord, is also suitable for less experienced buy-to-let borrowers. Our focus is on quality technology and human beings working together – advisers using us have real people to talk to; professionals who are able to provide answers quickly and where we can’t support a case we will let you know as soon as possible. We never take our success for granted and continually work on both our product and service offering. After some particularly strong months we are confident we can maintain our high delivery standards.”
