The product is stress tested at an income coverage ratio of 125% and 5% and has a maximum loan size of £200,000.
Fleet Mortgages has launched a 2-year fixed rate product at 2.79% to 75% loan-to-value with a 1% fee for individuals.
The product is stress tested at an income coverage ratio of 125% and 5% and has a maximum loan size of £200,000.
Bob Young, chief executive of Fleet Mortgages, said: “We kick off 2018 with the launch of this new, 2-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.”
