Fleet Mortgages has launched two-year tracker products to its buy-to-let (BTL) mortgage offering.
The three products are available at 75% loan to value (LTV) across the lender’s ranges for standard, limited company, and house in multiple occupation (HMO)/multi-unit freehold block (MUFB) borrowing.
The standard and limited company options are both priced at the bank base rate (BBR) plus 0.75%, currently priced at 4.5%. Both include a free valuation up to £500,000.
The HMO/MUFB option is priced at BBR plus 1.4%, currently priced at 5.15%.
The tracker deals have a 2% completion fee, at a minimum of £750, and no early repayment charges (ERCs). Fleet Mortgages said this would allow borrowers to switch products without penalty.
The tracker mortgages will revert to BBR plus 3% at the end of the two-year term.
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Steve Cox, chief commercial officer at Fleet Mortgages, said: “These new two-year tracker products have been designed to provide landlords with maximum flexibility at a time when many are looking to keep their options open.
“By removing ERCs, we are allowing borrowers to benefit from a competitive tracker rate today, while retaining the ability to switch products as market conditions evolve.”
He added: “We know advisers are working closely with landlord clients to navigate an uncertain rate environment, and these products offer a straightforward solution for those who may not want to commit to a longer-term, fixed rate at this stage.
“As always, our focus is on delivering a broad and adaptable product range that supports advisers in meeting a wide variety of their landlord clients’ needs.”