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Fleet Mortgages launch new two-year fixed-rate product PDF Print E-mail
Friday, 19 January 2018
Fleet Mortgages, the buy-to-let and specialist lender, has today launched a new two-year, fixed-rate product within its standard range.  The new product is live from this morning and is offered at an initial rate of 2.79% for the two-year term – up until the 31st March 2020 - with a revert rate of 5.28% (currently LIBOR plus 4.75%). The product comes with an ICR of 125% at 5% for all level of tax payers and is offered at a maximum LTV of 75% with a maximum loan size of £200k. This two-year product maintains the 1% fee for all Fleet Mortgages’ standard rate products.

Alongside its standard range, Fleet Mortgages’ also offer products to limited company borrowers and those seeking to purchase HMO/multi-unit blocks.

These include a range of fixed and lifetime tracker products including two pay-rate five-year fixes – one in its Standard (Individual) range and the other for its Limited Company offering. Both are fixed until 31st March 2023 and are offered up to 75% LTV.

The standard product is a five-year fix at 3.89%, with an ICR of 135% at 3.89%; the revert rate is LIBOR plus 4.2%, currently 4.73%. The limited company five-year fix is offered at 3.89%, with an ICR of 125% at 3.89%; the revert rate is again LIBOR plus 4.2%, currently 4.73% and it comes with a fee of 1.5%.

Earlier this week, Fleet Mortgages announced that it had seen a significant increase in the number of portfolio landlord applications it received in the second half of 2017. In quarter three last year, the number received by Fleet Mortgages as a percentage of total applications, stood at 50%; by the end of quarter four 2017 this had risen to 61%.

Fleet Mortgages offers advisers and their portfolio landlord clients three key commitments to advisers and their portfolio landlord clients. These are:
· No additional work – a standard application form and Property Asset & Liability Statement remains plus no requirement to key in details of the individual property in the portfolio
· No delays for the client due to additional processing.
· Focus on quicker processing times meaning no increases in costs to client.

Bob Young, Chief Executive Officer of Fleet Mortgages, commented: “We kick off 2018 with the launch of this new, two-year fixed-rate product within our standard range, which continues with our rental calculation of 125% at 5% and follows on from the launch of our five-year pay-rate products at the tail-end of last year. It maintains our focus on simplicity and delivering easy to understand products for both advisers and their clients, whilst not requesting unnecessary information or paperwork from them to support a case. We’ve hit the ground running already in 2018 and have seen significant interest in purchasing and refinancing, particularly from portfolio landlords. It looks likely that this year will continue to favour quality, specialist buy-to-let lenders and we have significant ambitions for the year ahead.”
 

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