Buy-to-let specialist lender Fleet Mortgages has reduced rates across its specific standard, limited company and HMO products.
In its standard range its 5-year fixed rate product at 80% loan-to-value (LTV) has been cut from 3.99% to 3.94%. It has a fee of 1.5%, a rental calculation of 125% at 5.5%, and comes with a free or discounted valuation.
Steve Cox, distribution director of Fleet Mortgages, said: “After taking feedback from a large number of our intermediary partners we have decided ‘less is more’ when it comes to the range and have decided to simplify our offering to ease understanding and to ensure advisers are aware of the sectors we operate in and the benefits of using Fleet.
“Due to our new funding line we’re also in a position to cut rates for several fixed-rate HMO and limited company products, plus one of our standard 5-year 80% LTV products.
“Our aim as always is to ensure we can support advisers’ buy-to-let clients in a variety of ways and that we are both accessible in terms of our admin requirements and can deliver certainty to all concerned.
“I would therefore urge all advisers to utilise the sales experience we have at both head office and out in the field with our BDMs.
“As specialists in this sector we are continually looking to engage with advisers and to provide a range of products and criteria that fits the needs of today’s buy-to-let client.”
Within its limited company range the 5-year fix at 75% LTV was reduced from 3.49% to 3.39%. This comes with a 1.5% fee and a rental calculation of 125% at 5.5%.
Furthermore, another 5-year fix at 75% LTV saw its rate cut, decreasing from 3.59% to 3.49%. This comes with a 1.75% fee and rental calculation at payrate. The 5-year fix at 80% LTV was cut from 4.19% to 3.94%. This comes with free or discounted valuation, a 1.5% fee and rental valuation of 125% at 5.5%.
Within its HMO range its 2-year fix at 65% LTV has been lowered to 3.14% from 3.39%, the 2-year fix at 75% LTV was cut to 3.24% from 3.49% and the 2-year fix at 80% LTV with a rate of 4.29% was reduced to 4.04%.
All three products come with a fee of 1.5%, a reversion rate of LIBOR plus 5.25% and a rental calculation of 125% at 6.06%.
Following feedback from intermediary partners, Fleet Mortgages has also removed 20 products from its range to simplify its offering.
The lender has also extended all its end-dates on 2-year fixes to 31 October 2021 and 5-year fixes to 31 October 2024, as well as extending the dates on its stepped early repayment charges.
Fleet Mortgages has also made criteria changes such as introducing the availability of day one remortgages with lending based on the full market value within six months if significant works have been carried out on the property.
There’s a rental calculation of 125% at 5.5% for all taxpayers, unless otherwise stated and the ability to lend on properties which are next door to each other. And capital raising is available for all purposes, except for certain tax and gambling debts.
There are no extra paperwork requirements for portfolio lending, with no stress testing on the background portfolio properties, and the borrower can have an unlimited number of properties within the portfolio.