Fleet Mortgages has announced a series of rate reductions across its product range for individual landlords.
The five-year fixed rate at 75% LTV has been reduced by 10 basis points to 4.09%, with a 1% completion fee.
The three-year LIBOR tracker at 80% LTV has been reduced by 80 basis points giving a current pay rate of 3.95%, with a 2% completion fee.
Also at 80% the two-year fixed rate has been reduced by 80 basis points to 3.99%, with a 2% completion fee.
There has also been a 10 basis point rate cut on Fleet Mortgages’ limited company, two-year fixed rate offering, available up to 80% LTV. This brings the rate down to 4.79% and comes with a completion fee of 1.5%. All completion fees across the entire range can be added to the loan.
Fleet Mortgages has also changed its criteria, increasing the maximum acceptable age of the borrower at the end of the mortgage term up from 75 to 85 years old, and extended all its end dates to 31 July.
Bob Young, chief executive officer of Fleet Mortgages, said: “We continually review our product range to make sure all products are as competitive as they can be and that they provide a range of options to both our intermediary partners and their clients. Our rate changes make these standard buy-to-let products for individual landlords even more attractive on price and we believe they will be welcomed by advisers. We would also urge all advisers to look at our products for both limited companies and HMOs as these are incredibly competitive in today’s market.
“Fleet Mortgages is also committed to evolving and enhancing our criteria in order to ensure it is fit for purpose in a changing marketplace – this why we have increased our maximum customer age, at the end of loan, up from 75 to 85 years old. We recognise, for instance, that people are living longer, that landlords want to hold their properties longer into retirement plus there is a growing appetite amongst people over 50 wanting to invest in property. Since launch, close to 50% of all our applications are from borrowers over 50.”