Fleet Mortgages has launched a range of products available up to 55% loan-to-value (LTV) for standard, limited company and houses in multiple occupation (HMO) and multi-unit block (MUB) landlord borrowers.
The 5-year fixed-rate products, available up to 55% LTV, include a 4.79% mortgage with a 3% fee (minimum of £750) and a 5.34% mortgage with a fixed £999 fee for standard and limited company borrowers, and a 5.19% mortgage with a 3% fee (minimum of £750) and a 5.74% mortgage with a fixed £999 fee for HMOs and MUBs.
The standard and limited company products come with a free valuation for properties up to a value of £500,000, with a minimum loan of £25,000, and a maximum loan of £750,000 on the fixed-fee products.
Fleet said the launch of these new 55% LTV would potentially offer a competitive alternative for landlord borrowers who might otherwise be considering a product transfer with their existing lender.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Last year we were able to successfully launch a range of 65% LTV products, and we have followed this up with a lower LTV segment offering, with new products at 55% LTV across all three of our core offerings – standard, limited company and HMO/MUB.
“For existing landlord borrowers in particular, who have potentially benefited from increased house price inflation over the medium to long-term allowing them to build up equity, these lower LTV options come with highly competitive pricing, two different fee/rate options, and might well be seen as an alternative remortgage option, rather than just accepting a Product Transfer (PT) from the existing lender.
“One of the key areas that we focus on at Fleet is providing a greater array of product options for borrowers coming to the end of their existing deals, and these new 55% LTV mortgages help us broaden the product proposition in this area.”
