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Fleet Mortgages launch three new limited company products PDF Print E-mail
Tuesday, 06 December 2016
Fleet Mortgages, the buy-to-let and specialist lender, has today launched three new limited company products for those borrowers using corporate structures to purchase or remortgage. 

The three new products are available with immediate effect and are available up to 65% LTV. They include:

· A pay rate lifetime tracker at 4% - rent is calculated at 125% at 4%.
· A two-year fix at 3.40% - rent is calculated at 125% at 5%.
· A five-year fix at 3.79% with rent again calculated at 125% at 5%.

These products are offered in addition to the full Fleet Mortgages product offering with no changes to the existing range.

With the new underwriting changes for PRA-authorised lenders being introduced from 1st January 2017, Fleet Mortgages is urging advisers to be proactive with their buy-to-let clients now, given the potential impact of such changes.

The new product guides are now available to view by visiting Fleet Mortgages’ website at:

These additional products come just two weeks after Fleet Mortgages announced a number of criteria changes including:

· A reduction in the minimum valuation on converted freehold properties outside London and the South East down to £100k from £150k. This had been £150k for all regions and it remains at this figure for London and the South East.
· A reduction in the number of years experience required by landlords for HMO properties down to two years, if the primary applicant has owned a HMO property for that period. Three years’ standard buy-to-let experience is required otherwise.
· Shared accommodation will now be accepted on standard buy-to-let products and will be valued on a room-by-room basis. Fleet Mortgages will now allow locks on bedroom doors while downstairs rooms can be used as bedrooms as long as there is a communal room.

Fleet Mortgages is an intermediary-only, buy-to-let lender and its products are available to individuals, limited companies and those looking to invest in Houses in Multiple Occupation (HMO)/Multi-units.

Bob Young, Chief Executive Officer of Fleet Mortgages, commented: “With just a few weeks left until we see some significant changes to the buy-to-let market for many lenders, it is vitally important that advisers look at all the available options for those clients who are going to be impacted by this. To that end, and given the increasing popularity of limited company buy-to-let, we have launched three new products in our range for borrowers utilising the advantages of a corporate structure.

“Advisers will note that we are offering one of these products at pay rate 125% at 4%, while the rest are offered with a rental calculation of 125% at 5%. Given the move in rental stress testing in much of the market we believe these products should be incredibly attractive right now, plus they come at highly competitive rates. This should give advisers every incentive to discuss these products and their buy-to-let clients’ wider options in light of what is coming over the horizon for much of the sector.”

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