Specialist buy-to-let (BTL) lender Fleet Mortgages has launched a set of 5-year fixes at 70% loan-to-value (LTV).
The products were added as of today (10th July) across its three core product ranges: standard, limited company, and house in multiple occupation (HMO) or multi-unit block (MUB).
The 5-year fixed rates were introduced with a 5% fee and a rate of 5.69% for standard and limited company borrowers, and 5.89% for HMOs and MUBs.
These products were the latest in a line of lower rate, higher fee options introduced by Fleet, to help customers meet the affordability requirements that come with a higher rate environment.
Fleet’s current core range pricing remained the same, but fixed-rate and Green fixed-rate products with percentage fees moved from 2% to 3%.
Green products are available for those borrowers either purchasing or remortgaging a property which has an Energy Performance Certificate (EPC) level of C and above.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “Affordability for buy-to-let borrowers remains a significant challenge in this higher rate environment so at Fleet we want to ensure we provide an array of product options which might help advisers and their clients to secure the finance they need.
“The launch of these new 5-year 70% LTV fixed-rate products, which come with a lower rate and higher fee are designed to do just that, and from previous forays into this space, we know they are proving popular.
Alongside our other 5-year products, plus our Green options for both fixes and lifetime trackers, we are hopefully offering a range of solutions that landlords can utilise.”
Last month, Fleet introduced a limited edition product feature which will reward landlord borrowers with a £1,000 cashback payment if they improve the EPC level of the property to a C or above during the course of the initial fixed-rate period.
