Buy to Let

Fleet Mortgages trims rates by up to 0.40%

Fleet Mortgages has launched four new buy-to-let products, including its lowest rates this year for two- and five-year fixes in its standard (individual) range.

The buy-to-let products are a 2.59 per cent two-year fixed rate mortgage, available up to 75 per cent LTV with a maximum loan of £200,000.

This is the lowest rate offered by Fleet this year.

The second is also a two-year fixed rate mortgage, available up to 75 per cent LTV for loans over £200,000 at a rate of 3.09 per cent.

Both loans are 0.40 per cent cheaper than the products they replace.

Both have an interest cover ratio of 125 per cent at 5 per cent for any rate tax-payer, a 1 per cent fee and a revert rate of 5.07 per cent (LIBOR plus 4.75 per cent).

The third product, also in the standard range, is a five-year fixed rate product at 3.79 per cent up to 75 per cent LTV, 20 basis points cheaper than the product it replaces.

This is the lowest five-year rate offered by Fleet this year and has the same ICR, fee and revert rate of the second loan.

Finally, Fleet Mortgages has launched a LIBOR-linked lifetime tracker in its HMO range.

This has a current rate of 3.92 per cent (LIBOR plus 3.6 per cent) and is also available up to 75 per cent LTV.

The loan has an ICR of 125 per cent at 5 per cent, and comes with a 2 per cent fee.

Fleet Mortgages chief executive Bob Young says: “There has been a considerable amount of focus on the limited company buy-to-let sector recently however given the feedback we’ve had from our intermediary partners we also want to ensure that both our standard (individual) and HMO product ranges are as competitive as they can be.

“Brokers and their clients will be pleased to know that our continued focus on simplicity means all four products come with a rental calculation of 125 per cent at 5 per cent, regardless of the type of rate tax-payer they are.”

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