Fleet Mortgages launches five buy-to-let products
Fleet Mortgages has launched five products across its individual and limited company buy-to-let ranges.
Through limited companies the lender has launched an 80% LTV 2-year fix at 4.39% and two lifetime trackers at 4.2% to 75% LTV and 4% to 65% LTV. Products come with a 1.5% fee.
Its individual products include a 2-year fix at 3.79% to 80% loan-to-value and a 4% 75% LTV tracker, both with a 1% fee.
All new products come with a rental calculation rate of 125% at 5%.
Bob Young, chief executive of Fleet Mortgages, said: “We’ve seen over the course of the last 12 months the increase in demand for limited company products, particularly when it comes to new purchases, however many landlord borrowers continue to hold their existing properties in their individual names and it’s therefore important that we continue to offer competitive products in this space.
“Overall, the market has kicked off strongly at the start of 2017, and we’ve seen a considerable amount of demand and interest from advisers. One thing we are aware of however is the increased frustration around many lenders’ rent to income calculations, their ever-changing criteria, plus major difficulties when it comes to finding products on sourcing systems and being able to compare like-for-like.
“Fleet Mortgages has not changed in this regard and we continue to operate with simple processes and offer a hassle-free approach for advisers with easy to use criteria.”
Both new 80% LTV product options for individuals and limited company borrowers come with a maximum loan size of £500,000, while the max sizeup to 75% LTV is £750,000 and up to 70% LTV is £1m.