The new products come with a lower rate and higher fee
Specialist buy-to-let lender Fleet Mortgages has launched new five-year fixed rate mortgages at 70% loan-to-value (LTV), available across its three core product ranges.
The new products, which come with a 5% fee, are available at 5.69% for standard and limited company borrowers and at 5.89% for house in multiple occupation (HMO) and multi-unit block borrowers.
The lender also announced that its current core range pricing has remained the same. However, percentage fees of fixed rate and green fixed rate products have increased from 2% to 3%.
Affordability for buy-to-let borrowers is a big challenge at the moment. Our new five-year 70% LTV fixed-rate #buytolet #mortgages come with a lower rate and higher fee to help advisers and their clients to secure the finance they need. https://t.co/O2nKmDjQ7K#brokers pic.twitter.com/BRLAeOucBw
— Fleet Mortgages (@FleetMortgages) July 10, 2023
Fleet Mortgages continues to offer both lifetime tracker and green lifetime tracker products up to 75% LTV with a 2% fee.
Green products are available for borrowers either purchasing or remortgaging a property which has an Energy Performance Certificate (EPC) rating of ‘C’ and above.
Fleet recently announced the launch of a new, limited edition product feature, which will reward landlord borrowers with a £1,000 cashback payment if they improve the EPC level of the property to a ‘C’ or above during the course of the initial fixed-rate period. The product feature is not available on green products.
Fleet Mortgages’ product guide and full list of lending criteria can be accessed online through its website.
“Affordability for buy-to-let borrowers remains a significant challenge in this higher rate environment, so at Fleet, we want to ensure we provide an array of product options, which might help advisers and their clients to secure the finance they need,” Steve Cox (pictured), chief commercial officer at Fleet Mortgages, stated in a post announcing the product launch.
“The launch of these new five-year 70% LTV fixed-rate products, which come with a lower rate and higher fee are designed to do just that, and from previous forays into this space, we know they are proving popular. Alongside our other five-year products, plus our Green options for both fixes and lifetime trackers, we are hopefully offering a range of solutions that landlords can utilise.”
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