Fleet Mortgages cuts rates on HMO and limited company deals

Fleet Mortgages has announced a series of rate reductions, product withdrawals and criteria changes to deals within its HMO and limited company ranges.

Rate reductions include the 80 per cent LTV five-year fix which has been reduced from 3.99 per cent to 3.94 per cent.

The 75 per cent LTV five-year fixed rate limited company product has also been cut from 3.49 per cent to 3.39 per cent.

Both the above products have a 1.5 per cent fee and rental calculation of 125 per cent at 5.5 per cent.

In addition, the 65 per cent LTV two-year fix for HMOs has been reduced from 3.39 to 3.14 per cent.

This offering has a 1.5 per cent fee and a rental calculation of 125 per cent at 6.06 per cent.

The lender has simplified its product range by removing 20 products following feedback from brokers.

Minimum income requirements for borrowers have reduced from £25,000 to £15,000 and the minimum primary applicant age has been lowered from 25 to 21 years old.

The maximum age for the borrower at the term of the mortgage has increased to 95 years old and the maximum aggregate portfolio size has increased from £4m to £5m

Fleet Mortgages will now allow lending on properties which are next door to each other and capital raising is available for all purposes other than to pay off certain tax and gambling debts.

Stress testing on background portfolio properties has been removed and a borrower can now have an unlimited number of properties within their portfolio.

Fleet Mortgages distribution director Steve Cox says: “After taking feedback from a large number of our intermediary partners we have decided less is more when it comes to the range and have decided to simplify our offering to ease understanding and to ensure advisers are aware of the sectors we operate in and the benefits of using Fleet.

“Our aim as always is to ensure we can support advisers’ buy-to-let clients in a variety of ways and that we are both accessible in terms of our admin requirements and can deliver certainty to all concerned.”

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