Fleet Mortgages adds new products and amends criteria

Fleet Mortgages has added new mortgage products to its individual, limited company and HMO ranges, as well as announcing criteria changes.

Highlights include the introduction of an 80 per cent LTV five-year fix at 3.99 per cent. This offer has a 1.25 per cent product fee, and free valuations for properties valued up to £500,000.

An 80 per cent LTV two-year fixed rate offer at 4.09 per cent has also been released. This product includes a £2,499 fee, and free valuations for properties valued up to £500,000.

Both the above two products are within the lender’s individual range.

In addition, in the lender’s limited company range, an 80 per cent LTV two-year fix at 3.99 per cent, and an 80 per cent LTV five-year fix at 4.49 per cent have been introduced.

The latter product has a 1.5 per cent fee, while the former has a £2,999 fee – both offers have free valuations up to £500,000.

Furthermore, an 80 per cent LTV two-year fix, within the lender’s HMO range, at 4.39 per cent, and an 80 per cent LTV five-year fixed rate offer at 4.49 per cent have been added. Both products have a £2,999 fee.

Furthermore, criteria changes include the lending size within the 65 per cent LTV portfolio range having been increased from £4m to £5m. The minimum income requirements have been reduced from £25,000, to £15,000, and the minimum applicant age from 25 to 21 years.

Fleet Mortgages distribution director Steve Cox comments: “Professional and portfolio landlords are increasingly looking to add to portfolios via limited companies and are seeking to purchase both HMOs and MUBs in order to access greater levels of rental yield.

“However, as a specialist lender it is important to recognise that many borrowers’ own properties in their individual names and will continue to so for the duration, which is why we were keen to ensure these 80 per cent LTV products were available across all three core areas.”

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