Fleet launches new buy-to-let products and reduces rates

Specialist buy-to-let lender, Fleet Mortgages, has launched new products and cut pricing within its standard range.

There are two new five-year fixed rate standard products available up to 65% LTV. Rates start from 5.64% with a £1,999 fee and a maximum loan size of £300,000, while a fee-free alternative is available at 5.84% with a maximum loan size of £2m.

Fleet has also cut rates on its 75% LTV standard five-year fixed rate products by 15 basis points.

A fee-free option is available at 5.94%, previously 6.09%, while the 5.34% product, previously 5.49%, has a 3% fee (minimum of £750). Both products have a maximum loan size of £1m.

All standard products come with a rental calculation of 125% at pay rate for basic tax payers and 145% at pay rate for higher rate tax payers. Free valuations are available for properties valued up to £500,000, and are discounted for values above this.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “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.”