Buy-to-let specialist lender, Fleet Mortgages, has announced the launch of a number of new products across both its standard and limited company ranges, as well as criteria changes specifically for portfolio landlords.
The new products include the introduction of three-year deals, pay rates on its standard range moving to an ICR of 125% at the initial rate, plus free valuations on all standard/limited company products for two-, three- and five-year deals up to a property value of £500k.
The lender has also now introduced a new tier offering a maximum 65% LTV on loans between £2 million to £4 million. Fleet believes this change will make its range more attractive to advisers looking to place portfolio cases and will provide a greater number of customer solutions.
Both the standard range and limited company range now includes a number of new products all with a free valuation for properties valued up to, and including, £500k with rates starting from 2.99% at 75% LTV for two year fixed-rate products.
Fleet has also extended all end dates on its two-year products to the 31st March 2021, and its five-year products to 31st March 2024
For all these standard and limited company products – except those offered at pay rate which are offered at 125% at the initial rate – Fleet Mortgages operates an ICR of 125% at 5%, regardless of the customer’s tax band.
The lender also operates with a number of specific commitments to advisers and their portfolio landlord clients, which are:
• No additional or extra paperwork to complete – a standard application form and Property Asset & Liability Statement is all that is required.
• Landlords can have unlimited properties in their background portfolio, with no requirement to key in details of all individual properties in the portfolio.
• No delays for the client due to additional processing and no stress testing on the background portfolio.
• A focus on quicker processing times meaning no increases in costs to client and advisers always have access to experienced portfolio underwriters.
Steve Cox, Distribution Director of Fleet Mortgages, commented: “Since our launch over four years ago, we have made a commitment to listen to advisers and, where we could, to reflect their wants and needs to provide great customer solutions.
These new products, across both our standard and limited company range, come with both highly competitive rates and free valuations depending on the value of the property. We have also been able to move our pay-rate products’ ICR from 135% at the initial rate to 125%, and believe this will help advisers secure the loan amounts required by their clients.
On top of this, and mindful of our business being focused on supporting portfolio and professional landlords, we’ve been able to introduce a new tier for our portfolio aggregate exposure, and are now able to offer 65% LTV on loans between £2m and £4m, which will make Fleet Mortgages an increasingly attractive option for those advisers who are seeking to place clients with substantial portfolios.
Overall, we hope and believe these product pricing and criteria changes, coupled with our focus on simplicity and certainty, will cement our position as an expert in the buy-to-let field, and we are looking forward to working with our intermediary partners to get the mortgages they need for their landlord clients.”