Fleet Mortgages launches BTL range

Fleet Mortgages launches BTL range

Fleet Mortgages has launched additional products in its buy-to-let range and altered its criteria for portfolio landlords.

The lender has introduced two, three and five-year products up to a property value of £500,000, available in both the standard and limited company range.

In the standard range, the lender is offering a three-year fixed rate at 3.29 per cent, a two-year fixed rate at 2.99 per cent with a maximum loan of £250,000, and a another at 3.39 per cent with a maximum loan of £500,000.

Borrowers can also access a five-year fixed rate at 3.69 per cent with a maximum loan of £500,000.

All products are offered at up to 75 per cent LTV and with a completion fee of 1.25 per cent.

In the limited company range, a five-year fixed rate is offered at 3.79 per cent, alongside a two-year fixed rate at 2.99 per cent with a maximum loan size of £250,000, and a two-year fixed rate at 3.39 per cent with a maximum loan size of £500,000.

For limited company borrowers, a three-year fixed rate is also available at 3.29 per cent at up to 75 per cent LTV with a maximum loan of £250,000.

Following adviser feedback on landlord portfolio aggregate exposure, Fleet Mortgages also introduced a higher tier offering of 65 per cent LTV on loans between £2m and £4m.

Under Fleet Mortgages’ portfolio landlord criteria, landlords can now have unlimited properties in their background portfolio, with no requirement for advisers to key in details of all individual properties in the portfolio.

A Fleet Mortgages spokesperson said the lender hoped the change would make its range more attractive to advisers looking to place portfolio cases.

Steve Cox, distribution director at Fleet Mortgages, said: "Since our launch over four years ago, we have made a commitment to listen to advisers and, where we could, to reflect their wants and needs to provide great customer solutions.

"We hope and believe these product pricing and criteria changes, coupled with our focus on simplicity and certainty, will cement our position as an expert in the buy-to-let field, and we are looking forward to working with our intermediary partners to get the mortgages they need for their landlord clients."

Nicholas Morrey, product technical manager at John Charcol, said: "This increase for maximum portfolio from £2m to £4m is a welcome change for professional landlords with sizeable portfolios as they will now have Fleet as another option with the benefits that can bring such as their relatively generous rental calculations."