New buy-to-let and specialist lender, Fleet Mortgages, has opened its doors for new lending and is now actively accepting business through its distributor partners and their affiliated members and advisers.
The Hampshire-based lender is led by chief executive officer, Bob Young, formerly managing director of buy-to-let lender, CHL Mortgages.
Fleet Mortgages’ products are currently available through seven distributors: The Business Mortgage Company; The Buy to Let Business; Legal & General Mortgage Club; Mortgages for Business; The Mortgage Trading Centre; Professional & Commercial; and Solent Mortgage Services.
Fleet Mortgages intends to open out its distribution to the rest of the adviser market later in the year.
Fleet Mortgages – which only distributes through mortgage intermediaries and advisers – has a product range covering individual, limited company and houses in multiple occupation (HMO) buy-to-let products.
It is offering a selection of two and five-year fixed-rate deals and three-year tracker rates based on LIBOR across all three product options. It is offering specific 65%, 75% and 80% LTV products for individual and limited company buy-to-lets, and 65% and 75% LTV for HMOs.
Product range highlights include:
- A two-year fixed-rate 65% LTV individual buy-to-let product priced at 2.79%.
- Individual buy-to-let tracker options for three years at 65% LTV – 2.85%; 75% LTV - 3.35%; and 80% LTV – 4.75%.
- Two-year limited company fixed-rate buy-to-let products priced at 4.39% (65% LTV), 4.59% (70% LTV), and 5.29% (80% LTV). Three-year tracker rates priced at 4.55% (65% LTV), 4.75% (70% LTV), and 5.25% (80% LTV).
- Two-year fixed-rate HMO buy-to-let products priced at 5.29% (65% LTV) and 5.39% (75% LTV).
Bob Young, chief executive officer of Fleet Mortgages, said: “This is a momentous day for the Fleet Mortgages team and all our stakeholders as we open our lending doors and begin to accept business through our distribution partners. We have brought this lender to market in record time and are lending at what is a very exciting time for a growing and developing buy-to-let market. Our products focus on areas which we believe are currently underserved, particularly in the limited company and HMO market, and we believe this range should particularly appeal to our target customer, experienced landlords.
“We could not have got to this point so quickly without the support of all our partners in all areas of the business, plus the hard work of everyone in the Fleet Mortgages’ team. Our focus now moves from pre-launch to active lending and we are aiming to deliver a high quality of service, ensuring open communication and transparency between ourselves and advisers. This is a long-term project and we are looking forward to working with the buy-to-let advisory community in order to develop a proposition which meets their needs and those of their clients.”
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