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Fleet Mortgages introduces new 5-year fixed rate deals

Fleet Mortgages has launched four new five-year fixed rate buy-to-let mortgages, while also reducing prices on three limited company products.

The 75% loan-to-value (LTV) products feature in the standard range, with highlights including a 3.39% product with a rental calculation of 125% at 5.5% and a 3.59% with a rental calculation of 125% at the initial rate.

Both products come with a 2% fee and a free valuation for properties valued up to and including £500,000 after which discounted valuation fee will apply.

The specialist buy-to-let specialist lender is also offering a 3.39% product with a rental calculation of 125% at 5.5% and a 3.59% with a rental calculation of 125% at the initial rate. Both come with a 1.75% fee.

Meanwhile, as part of Fleet’s limited company range there is a 3.49% product with a rental calculation of 125% at 5.5%, a fee of 1.5%, and a free valuation for properties valued up to and including £500,000 after which discounted valuation fee will apply.

There is also a 3.59% product with a rental calculation of 125% at the initial rate and a fee of 1.5%; and a 3.49% product with a rental calculation of 125% at 5.5% and a fee of 1.25%.

Steve Cox, distribution director of Fleet Mortgages, commented: “It’s apparent that a growing number of landlord borrowers are looking for rate certainty over a longer period of time and they are seeking this via five-year deals.

“After consulting with our intermediary partners we have therefore introduced these new 75% LTV five-year fixes for both standard and limited company borrowers, which include price cuts by 0.15% and offer greater choice in terms of rate, fee, rental calculation, plus three products also come with free valuations for those properties valued up to £500,000.

“Recent research shows that more landlords, certainly those who fit the professional/portfolio definition, want to add to portfolios over the next 12-18 months but they also want to know exactly what their mortgage costs will be over a longer term.

“With these products available for both purchase and remortgage, and with more flexible criteria around income, age, portfolio lending size, we believe there will be plenty to interest advisers’ buy-to-let clients with both these products and our entire range.”

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