"These lower LTV options come with highly competitive pricing, two different fee/rate options, and might well be seen as an alternative remortgage option, rather than just accepting a PT from the existing lender"
- Steve Cox - Fleet Mortgages
Buy-to-let specialist lender, Fleet Mortgages has announced that it has launched a new range of products, available up to 55% LTV, for standard, limited company and HMO/multi-unit block landlord borrowers.
Available up to 55% LTV, the new products include a 4.79% mortgage with a 3% fee (minimum of £750) and a 5.34% mortgage with a fixed £999 fee for standard/limited company borrowers. These products come with a free valuation for properties up to a value of £500k, with a minimum loan of £25k, and a maximum loan of £750k on the fixed-fee products.
For HMO/multi-unit blocks, there is a 5.19% mortgage with a 3% fee (minimum of £750) and a 5.74% mortgage with a fixed £999 fee.
Fleet said the launch of these new 55% LTV positioned the lender as a market leader within this specific lower LTV segment, and would potentially offer a competitive alternative for landlord borrowers who might otherwise be considering a product transfer with their existing lender.
“Last year we were able to successfully launch a range of 65% LTV products, and we have followed this up with a lower LTV segment offering, with new products at 55% LTV across all three of our core offerings – standard, limited company and HMO/MUB," explained Chief Commercial Officer Steve Cox, “For existing landlord borrowers in particular, who have potentially benefited from increased house price inflation over the medium to long-term allowing them to build up equity, these lower LTV options come with highly competitive pricing, two different fee/rate options, and might well be seen as an alternative remortgage option, rather than just accepting a PT from the existing lender.
He added, “One of the key areas that we focus on at Fleet is providing a greater array of product options for borrowers coming to the end of their existing deals, and these new 55% LTV mortgages help us broaden the product proposition in this area.”
