Fleet Mortgages has launched seven-year fixed-rate loans in all three of its core buy-to-let ranges – standard, limited company/LLP, and houses in multiple occupation/multi-unit freehold blocks.
The BTL specialist lender says brokers can apply for its new 75% LTV products, which are available for remortgage-only borrowers, with standard and limited company/LLP options priced at 3.29% and HMO/MUFB at 3.59%.
The products are available with a minimum loan of £25,001 up to £1 million and come with a rental calculation of 125% at 3.29% for standard and limited company offers and 125% at 3.59% for HMO loans.
Product fees are 2% for standard and limited company deals with a free valuation for properties valued up to £500,000, and thereafter are discounted. HMO product fees are 2.25%.
Reversion rates are bank base rate plus 5% for standard and limited company loans, and bank base rate plus 5.25% for HMO offers.
Fleet Mortgages chief commercial officer Steve Cox says: “Part of our focus at Fleet is to offer a variety of product options for landlord borrowers, including those who want to fix their monthly mortgage payments over a longer term.
“The introduction of these new seven-year fixes allows them to do just that and provides them with rate and mortgage certainty. At present we appear to have a rising interest-rate environment, so it’s not surprising to see landlords seeking longer-term fixed-rate options that allow them to mitigate against this.
“We believe these mortgage options – available in all three parts of our core range – allow advisers and their landlord clients to plan for the long term.”