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.

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.

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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.