Fleet unveils product range
Its products, which it anticipates bringing to market from December, includes 2-year fixes for individuals at 2.79% to 65% LTV, 3.29% to 75% LTV and 4.79% to 80% LTV, while its 5-year fix stands at 4.29% to 75% LTV.
The new intermediary-only lender will also offer LIBOR tracker options at 2.85% to 65% LTV, 3.35% to 75% LTV and 4.75% to 80% LTV.
Bob Young, chief executive of Fleet Mortgages, said: “It is with great pleasure that we can officially announce this first Fleet Mortgages’ buy-to-let product range which is specifically for the intermediary market and has been designed in collaboration with many adviser stakeholders.
“Our aim has been to deliver a competitive product range which focuses on the needs of the experienced landlord.
“Plus we have not only developed products for individuals but have also sought to offer a range which caters for, what we think, is an underserved section of borrowers – namely limited companies and HMOs.”
Limited company products are 2-year fixes at 4.39% to 65% LTV, 4.59% to 70% LTV and 5.29% to 80% LTV, while Fleet will also offers 3-year trackers priced at 4.55% to 65% LTV, 4.75% to 70% LTV and 5.25% to 80% LTV.
Its HMO products are 2-year fixes at 5.29% to 65% LTV and 5.39% to 75% LTV. Its 5-year fix is 5.99% to 75% LTV and its 3-year tracker is 5.45% to 65% LTV.
Completion fees range from 1% on individual buy-to-let, 1.5% on limited company and 2% on HMOs.
Early repayment charges stand at 5% until the end of the deal, with revert rates on individual, limited company and HMO deals ranging from LIBOR plus 4.5%, 5.31% and 5%.
To fit Fleet’s criteria rental income must be either greater than 125% at the initial rate, 5% or revert rate – whichever is higher.
Loan sizes are between £25,001 and £750,000, going up to £500,000 to 80% LTV and £750,000 to 75% LTV.
Mortgage terms last between five and 35 years, while borrowers must be at least 25 at the start of the term and 75 by the end.
Young added: “The products have been designed with simplicity in mind and with consistency across the piece in terms of, for example, fee levels and ERCs.
“Our criteria has also been established in order for us to be absolutely clear about what we will accept and what we won’t.
“The countdown to launch has now begun and we will be opening the Fleet Mortgages’ doors soon.
“We have been overwhelmed by the positive response we have received from the intermediary community and we are now looking forward to providing them with the very highest quality of service.
“Fleet Mortgages is firmly situated on the starting grid and the lights are about to turn green.”