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Fleet Mortgages unveils new product

Fleet Mortgages has launched a 5-year fixed rate HMO product.

The product is offered up to 75% LTV at a rate of 3.59%.

The offering also comes with a rental calculation of 125% at the initial rate with a fee of 1.5%.

Steve Cox (pictured), distribution director of Fleet Mortgages, said: “Over the past year to 18 months, we’ve seen a considerable growth in interest in HMO properties as landlords look to maximise their rental yield in light of the taxation changes which impact on their ability to claim mortgage interest tax relief.

“HMO products and lending have always been one of our three core areas and we’re very pleased to be launching this new 5-year pay-rate product which will be of interest to those landlords seeking to ensure they can secure the loan amount they need at a highly-competitive rate.”

The lender has also reduced rates across a number of its individual buy-to-let products.

Cox added: “We’ve also been able to cut rates across a number of our individual 5-year fix products, offering a series of incentives including pay-rate rental calculations and products with a free valuation.

“As the latest UK Finance figures show, there has been a growing level of buy-to-let activity throughout 2019, particularly from professional landlords.

“As specialists in this market, we believe we can offer advisers and their clients everything they need to take full advantage of market conditions and ensure they have the funding they need to bolster their portfolios.”

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