Fleet launches 70% and 75% LTV products across core ranges
Fleet Mortgages has launched 70% and 75% loan-to-value (LTV) products across its three core product ranges: standard, limited company and HMO.
On the standard front 2-year fixes are priced at 3.44% for 70% LTV and 3.64% for 75% LTV, both with a 1% fee and an ICR of 125% at 5.5%.
The lender is also offering 5-year fixes priced at 3.74% for 70% LTV and 3.79% for 75% LTV, both with a 1.5% fee and an ICR of 125% at 5.5%.
For limited company buy-to-let 2-year fixes are available at 3.54% for 70% LTV and 3.74% for 75% LTV, both with a fee of 1.25% and an ICR of 125% at 5%.
Its 5-year fixes at 3.85% for 70% LTV and 3.90% for 75% LTV with a fee of 1.5% and an ICR of 125% at the initial rate.
For HMOs 2-year fixes at 70% LTV of 3.54% with a fee of 1.5% and an ICR of 125% at 5.6%, and a 5-year fix at 70% LTV of 3.94% also with a 1.5% fee and an ICR of 125% at the initial rate.
Fleet said that the introduction of the new products at the higher LTVs follows positive discussions with its funders and its appetite for business would be constantly reviewed in line with ongoing market conditions.
Steve Cox, distribution director of Fleet Mortgages, said: “It’s incredibly positive for us to be able to announce these new 70% and 75% LTV products across the three core areas of our business, and to be offering more options to our adviser and distributor partners, and their landlord clients.
“This is the next step for us as a lender post-lockdown, and it comes as a result of excellent discussions with our funders and their confidence in our ability to deliver these loans.
“That said, the capital markets are not yet near a ‘business as usual’ position as this can’t be a light switch that we can turn on, even with the housing market reopening and especially since physical valuations can now take place.
“Our funders want us to approach this market cautiously and, to that end, our appetite for lending is still going to be subdued, but slowly climbing.
“However, we believe this is good news for the market and means we can begin again to re-engage with intermediaries at a higher LTV level and offer them more options for those landlord clients who are seeking finance.”