Fleet Mortgages reveals first wave of new product and criteria changes

Fleet Mortgages reveals first wave of new product and criteria changes

Buy-to-let and specialist lender, Fleet Mortgages, has announced the first in a series of product and criteria changes that due to be rolled out over the next few weeks.

First up, following intermediary feedback, is a series of product changes that includes prices cuts across its individual, limited company and HMO/Multi-unit block buy-to-let range.

Key changes to the range include:

• Price cuts have been introduced across its limited company product range. At 65% LTV two year fixes have been cut from 3.99% to 3.89% (1.5% fee); and from 4.29% to 4.09% (£750 fee), while its five year fix has been cut from 4.49% to 4.19%.

• There have also been changes to the limited company 75% LTV products with its two-year fix being cut from 4.19% to 4.09% (1.5% fee) and from 4.39% to 4.29% (£750 fee), while its five-year product has moved from 4.69% to 4.39% (1.5% fee).

• Price cuts of 0.1% have also been introduced to its individual buy-to-let two and five-year fixes at both 65% and 75% LTV. Fleet Mortgages’ two year fix drops from 2.69% to 2.59% and its five year fix drops from 3.69% to 3.59% - both at 65% LTV. In the 75% LTV range its two year fix drops from 2.99% to 2.89%, plus its five-year fix drops by 0.2% from 3.99% to 3.79%.

Fleet Mortgages has also retained its limited company lifetime tracker products at both 65% and 75% LTV due to their ongoing popularity. Their current rates of 3.98% (LIBOR plus 3.39%) at 65% LTV, and 4.18% (LIBOR plus 3.59%) have provided to be in strong demand since launch.

Similarly, its  pay rate lifetime trackers for individual buy-to-let products which offer a rental calculation at 125% of the initial rate, only available to strong credit-scoring customers, are also retained due to their popularity.

Fleet Mortgages has also announced key dates for intermediaries to bear in mind with the changes. All products, which are part of the older range, will still be available for decision-in-principles (DIPS) up until 5pm on Wednesday 9th March and full mortgage applications until close of business on Friday 11th March

The lender has also announced continued growth in its lending volumes and a further expansion of the business in terms of recruitment. In February Fleet Mortgages’ mortgage completions were 39% up on its target for the month, and it has seen a 10% increase in staffing levels since the start of the year.


Bob Young, Chief Executive Officer of Fleet Mortgages, commented: “The start of 2016 has seen a great period of growth for us as a lender as we continue to grow our business volumes over the period and are already well up on our targets for lending. The increase in demand for our products, particularly in the limited company space but also right across the range, has been very pleasing and following further intermediary feedback, and because of the unique way we secure our funding, we can now offer further price cuts across the full range of our fixed-rate products.

To our mind, we are now firmly placed as one of the fastest growing lenders in the marketplace and we are therefore able to look seriously at other mortgage sectors to see how we might bring our quality and experience to bear here. The experience of the management team – we have perhaps the longest serving management team in the mortgage market – is such that we are acutely aware of the product spaces and sectors where Fleet Mortgages can provide what intermediaries and their clients are looking for.

Over the coming weeks we will be announcing further product and criteria changes in the buy-to-let space but we are also formulating our plans to move the proposition into some very exciting areas. Our message therefore is to watch this space.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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