"This is the next step for us as a lender post-lockdown, and it comes as a result of excellent discussions with our funders and their confidence in our ability to deliver these loans."
On Fleet's standard range, two-year fixes start from 3.44% at 70% LTV and 3.64% at 75% LTV, with with a 1% fee and an ICR of 125% at 5.5%. Five-year fixed rates start from 3.74% at 70% LTV and 3.79% up to 75% LTV, both with a 1.5% fee and an ICR of 125% at 5.5%.
Limited company two-year fixes are priced at 3.54% up to 70% LTV and 3.74% up to 75% LTV, both with a fee of 1.25% and an ICR of 125% at 5%. Five-year fixes start at 3.85% for 70% LTV and 3.90% for 75% LTV with a fee of 1.5% and an ICR of 125% at the initial rate.
For HMOs, a new two-year fixed rate starts at 3.54% up to 70% LTV and a five-year fix is available at 3.94%, both with a 1.5% fee and an ICR of 125% at the initial rate.
Fleet said that the introduction of the new products at the higher LTVs follows "positive discussions with its funders".
The new 70% and 75% LTV products complement Fleet’s existing 60% LTV products which have also seen a number of changes including extensions to initial and ERC dates, plus a number of cuts to pricing.
Two-year fixed rates have been reduced to 3.39% across standard and limited company ranges, with a standard five-year fix now available at 3.80%.
Steve Cox, distribution director at Fleet Mortgages, commented: “It’s incredibly positive for us to be able to announce these new 70% and 75% LTV products across the three core areas of our business, and to be offering more options to our adviser and distributor partners, and their landlord clients. This is the next step for us as a lender post-lockdown, and it comes as a result of excellent discussions with our funders and their confidence in our ability to deliver these loans.
“That said, the capital markets are not yet near a ‘business as usual’ position as this can’t be a light switch that we can turn on, even with the housing market reopening and especially since physical valuations can now take place. Our funders want us to approach this market cautiously and, to that end, our appetite for lending is still going to be subdued, but slowly climbing.
"However, we believe this is good news for the market and means we can begin again to re-engage with intermediaries at a higher LTV level and offer them more options for those landlord clients who are seeking finance.”
