"In line with this increased demand and, with the full backing of our funders, we are therefore able to positively change prices across a large number of products"
The lender has also removed the £250,000 lending band on relevant products and brought in free valuations for standard and limited company borrowers on properties up to £500,000.
Additionally, Fleet has brought back 75% LTV options within its HMO range, priced at 3.79% for a two-year fix and 3.99% for a five-year fix.
New standard and limited company rates include a two-year fix at 3.19% up to 60% LTV, 3.29% up to 70% LTV, and 3.49% up to 75% LTV. Five-year fixes have been reduced to 3.54%, 3.59% and 3.74% respectively.
Five-year fixed rate standard and limited company pay-rate products have been reduced to 3.69% at 60% LTV and 3.75% at 70% LTV.
HMO five-year fixes now start from 3.79% at 60% LTV and 3.84% at 70% LTV, a cut of 10 basis points.
Maximum loan sizes have been increased to £1.5m for standard and limited company products at 70% LTV and £1m at 75% LTV. LTVs for HMOs have been increased to 75%, also with a maximum loan size of £1m. 70% HMO LTV products have increased their maximum loan size to £1.5m.
Steve Cox, distribution director at Fleet Mortgages, commented: “Surprises are rare in the mortgage and property market, but the Government’s recent decision to allow landlords access to the stamp duty ‘holiday’ up until the end of March next year was definitely a pleasant one that few in the market would have anticipated.
“Landlords were already looking at the market conditions post-lockdown as an opportunity to be more acquisitive, and with this stamp duty incentive now in place, we are already seeing a growing level of demand and interest from those who want to add to portfolios and take advantage of the SDLT saving.
“In line with this increased demand and, with the full backing of our funders, we are therefore able to positively change prices across a large number of products, as well as reinstating higher LTV options in the HMO space. Added to this we have increased the maximum loan amount and are offering free valuations to our standard and limited company borrowers up to £500k.
“We anticipate that advisers will be seeing growing interest from their landlord clients in the weeks ahead and we would urge them to review Fleet’s product range and criteria, and to contact us to talk through how we can help their clients add to their portfolios.”
