Fleet launches new seven-year fixed rates

From today, advisers will have access to the new 75% LTV products, available for purchase and remortgage, with standard and limited company/LLP options priced at 3.29% and HMO/MUFB priced at 3.59%.

The products are available with a minimum loan of £25,001 up to £1 million and come with a rental calculation of 125% at 3.29% for standard/limited company and 125% at 3.59% for HMO.

Product fees are 2% for standard/limited company with a free valuation offered for properties valued up to £500k, and thereafter discounted. HMO product fees are 2.25%.

Reversion rates are Bank Base Rate (BBR) plus 5% for standard/limited company, and BBR plus 5.25% for HMO.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “Part of our focus at Fleet is to offer a variety of product options for landlord borrowers, including those who want to fix their monthly mortgage payments over a longer term.

"The introduction of these new seven-year fixes allows them to do just that and provides them with rate and mortgage certainty. At present we appear to have a rising interest-rate environment, so it’s not surprising to see landlords seeking longer-term fixed-rate options that allow them to mitigate against this. We believe these mortgage options – available in all three parts of our core range – allow advisers and their landlord clients to plan for the long term.”