"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"
- Steve Cox - Fleet Mortgages
Fleet Mortgages has updated its pricing and products with two new five-year fixed-rate standard products launching today, available up to 65% LTV.
Product pricing for one is at 5.64%, comes with a fixed fee of £1,999, and is available up to a maximum loan size of £300k, while the other is a 5.84% product, with a zero product fee and 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.
The zero-fee option is available at a rate of 5.94%, previously 6.09%, while the 5.34% product, previously 5.49%, has a 3% fee – a minimum of £750. Both these products have a maximum loan size of £1m.
All standard products come with a rental calculation of 125% at pay rate for basic taxpayers and 145% at pay rate for higher-rate taxpayers. Free valuations are available for properties valued up to £500k 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.”
