Fleet Mortgages, the buy-to-let specialist lender, has launched a new suite of product transfer products for existing borrowers.
Available from today, the product transfer mortgage range currently includes both 2- and 5-year fixed-rate deals available across Fleet’s three core areas of lending: standard, limited company and HMO and Multi-Unit Block (MUB).
For standard and limited company borrowers, the lender is offering a 2-year fixed-rate priced at 5.79%, with a 5-year fixed-rate priced at 6.09%.
For HMO and multi-unit block borrowers, Fleet is also introducing a 2-year fixed-rate priced at 5.99%, with a 5-year fixed-rate priced at 6.23%.
Fees for all product transfer products are 2.5%, with a revert rate of Bank Base Rate plus 3% after the end of the fixed-rate period.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “As we continue to broaden our offering, we are very pleased to be launching this new range of product transfer products.
“Given where we are with the new rate environment, we believe this is a vital new option that will support ongoing property investment and provide peace of mind to eligible borrowers in terms of their continued ability to be active in the private rental sector.
“It should also give a greater level of confidence to advisers in recommending Fleet to new borrowers, knowing that we are able to offer product transfers when those deals come to an end.”
He added: “The rates on the product transfer range currently mirror those currently available for new borrowers, however there is a discount on the fee and of course our existing relationship with the customer will make the processing that much simpler.
“However, as mentioned, advisers do need to contact Fleet prior to making an application for a product transfer to ensure their client is eligible for these products and to discuss other possible options.”
