Fleet launches low completion fee products
The standard buy-to-let variant is offered at 3.29% until the 31 October 2017 with a current reversion rate of 5.1% (LIBOR plus 4.5%) and a completion fee of £500, down from 1% of the loan.
The limited company option has a rate of 4.39% until the same date, and a reversion rate of 5.35% (LIBOR plus 4.75%) and a completion fee of £750, down from 1.5% of the loan.
Bob Young, chief executive of Fleet Mortgages, said: “Part of developing a product range is understanding where there may be opportunities and also acknowledging it’s difficult to have ‘catch all’ offerings.
“By this I mean that you have to tailor your products to fit different borrower circumstances and property types, vehicles, etc, the list goes on.
“These new products for both standard and limited company buy-to-let are essentially offering cuts in our completion fees to those borrowers who want and need smaller loans.
“This is likely to be because they are purchasing or remortgaging in a lower-priced area and therefore it makes sense for us not to operate a percentage fee but charge a fixed amount instead.
“We think it will appeal to this type of borrower and shows our ability to be both tailored and flexible in our proposition.
“Added to our recent HMO repricing we believe Fleet Mortgages offers a particularly strong product range across the board and we are actively working with our supportive broker partners in order to help their experienced landlord clients secure the finance they need.”