Fleet raises age restriction to 85
The newly launched buy-to-let and specialist lender revealed that since launch, close to 50% of all its applications are from borrowers over the age of 50.
Advisers with access to the Fleet Mortgages product range can secure the following standard buy-to-let deals each with price cuts as follows:
• 4.09% for a 5-year fixed rate at 75% LTV – a reduction of 10 basis points (bps). 1% completion fee.
• 3.95% for a 3-year tracker at 80% LTV (LIBOR plus 3.39%) – a reduction of 80bps. 2% completion fee.
• 3.99% for a 2-year fixed rate at 80% LTV – a reduction of 80bps. 2% completion fee.
There has also been a 10bps rate cut on Fleet Mortgages’ limited company, 2-year fixed rate offering, available up to 80% LTV.
This brings the rate down to 4.79% and comes with a completion fee of 1.5%. All completion fees across the entire range can be added to the loan.
Fleet Mortgages has also extended all its end dates to 31st July.
Bob Young, chief executive officer of Fleet Mortgages, said: “We continually review our product range to make sure all products are as competitive as they can be and that they provide a range of options to both our intermediary partners and their clients.
“Fleet Mortgages is also committed to evolving and enhancing our criteria in order to ensure it is fit for purpose in a changing marketplace – this why we have increased our maximum customer age, at the end of loan, up from 75 to 85 years old.
“We recognise, for instance, that people are living longer, that landlords want to hold their properties longer into retirement plus there is a growing appetite amongst people over 50 wanting to invest in property.”
“We suspect that with the newly-introduced pension freedoms there will be a small, but perhaps growing, number of retirees who wish to use money from their pension pot to purchase a buy-to-let investment.
“It’s therefore important that our criteria reflect these changes and uniformly unambiguous which will make life easier for all our stakeholders, particularly brokers and their clients.”