Fleet Mortgages returns to buy-to-let market

Fleet Mortgages returns to buy-to-let market

Fleet Mortgages has announced its return to the mortgage market.

In January, Fleet withdrew its entire product range with immediate effect and told brokers any decisions in principle and applications received would be declined.

But following the completion of a new long-term funding deal which will see the lender completing more than £1bn in new lending, the buy-to-let lender returned with a full product range and a number of criteria changes.

As part of its relaunch, Fleet is offering new products across its standard, limited company and houses in multiple occupation/multi-unit blocks areas.

Rates start from 2.69 per cent with a rental calculation of 125 per cent at 5.5 per cent for all taxpayers.

Highlights of the new range include free valuations for some properties valued up to £500,000 and the introduction of stepped early repayment charges across the entire range.

Rates on two-year products for standard and limited company borrowers start at 2.69 per cent based on 75 per cent LTV, while HMO/MUB borrowers can expect 3.09 per cent for 65 per cent LTV and 3.19 per cent for 75 per cent LTV.

Rates on five-year products for standard borrowers start at 3.39 per cent with a 25 per cent deposit, 3.49 per cent for limited company borrowers also at 75 per cent LTV, and 3.49 per cent for HMO/MUB borrowers.

In terms of lending criteria, for local authority properties outside London and the South East the minimum valuation is now £75,000, which has dropped from £100,000, and Fleet will now accept two years of landlord experience rather than three.

Bob Young, chief executive officer at Fleet Mortgages, said: "We are obviously very pleased to be announcing this new product range today, which not only comes with some highly-competitive pricing, but a number of new criteria enhancements that we know will go down well with advisers and their clients.

"While preparing for our return we took time to listen to a broad range of feedback from our intermediary partners which, coupled with this new funding arrangement, has allowed us to introduce options such as product transfers for new borrowers and a new free standard valuation option on certain products."

Steve Cox, distribution director of Fleet Mortgages, said for Fleet Mortgages the year was starting now.

He said: "What we have tried to do over the last few months is listen to all stakeholders and deliver a range which is not only highly-competitive, but fits the 'specialist buy-to-let' brief that many advisers are working too. 

"Our new limited edition range continues to offer product options across standard, limited company and HMO/MUB areas and we have utilised our specialist knowledge and experience to change our criteria in a number of ways to help advisers provide the necessary solutions for their clients."

Carl Shave, director of Just Mortgage Brokers, said: "It’s great to see Fleet returning to the market following their withdrawal back in January of this year.