Fleet Mortgages, a specialist lender in the buy-to-let market, has today, 8th May 2024, announced the launch of new products and a reduction in pricing within its standard range. The update includes two new 5-year fixed-rate standard products available up to 65% loan-to-value (LTV).
The first of these products is priced at 5.64% with a fixed fee of £1,999 and is available for loans up to £300k. The second product offers a rate of 5.84%, comes with no product fee, and allows for a maximum loan size of £2m.
Additionally, Fleet Mortgages has made cuts to its 75% LTV 5-year fixed-rate standard products, reducing rates by 15 basis points. The zero fee option now stands at 5.94%, down from 6.09%, and another product, previously at 5.49%, is now offered at 5.34% with a 3% fee (minimum of £750). Both products support loans up to £1m.
All standard products provided by Fleet Mortgages include a rental calculation of 125% at pay rate for basic tax payers and 145% at pay rate for higher tax payers. Free valuations are provided for properties valued up to £500k, with discounted rates applicable for higher-valued properties.
In addition to these options, Fleet Mortgages continues to offer a variety of Tracker products and a suite of product transfer options for existing borrowers.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “We are pleased to be able to launch two new standard fixed-rate products at 65% LTV and to be able to cut our pricing at 75% LTV.
“Having both zero and fixed-fee options is clearly important in this market, and provides landlord borrowers with options to either have a lower rate or to save money upfront with no fee payable on the product.
“We’ve seen over the last 12-18 months that landlords want options; for some that is in order to meet affordability criteria in a higher rate environment, while for others it is about not adding fees to the loan.
“These new standard rate products, and the price cuts at 75% LTV, provide those options and should hopefully give advisers further product choice to present to those eligible landlord borrower clients, for both remortgage and purchase business.”
