Fleet Mortgages has launched a new standard buy-to-let product with a limited tranche of funding.
The new product is a two-year fixed rate product priced at 2.99% up to 75% LTV available for standard buy-to-let borrowers, rather than limited companies or those seeking to purchase/refinance HMOs.
The rate is fixed until the end of December 2017 and has a reversion rate of LIBOR plus 4.5%, currently 5.1%.
This new product comes with a completion fee of 1.25% of the loan amount with early repayment charges until the end of the two-year period.
Fleet, the buy-to-let and specialist lender, will apply its flexible criteria to this product, which means there are no restrictions on property numbers.
The new deal follows last week’s two-year fixed rate to 75% LTV for standard borrowers and those with limited company vehicles which offered a reduced completion fee for those wishing to borrow £150,000 or less.
Fleet’s standard buy-to-let product charges 3.29% until 31 October 2017 with a reversion rate currently of 5.1% (LIBOR plus 4.5%) and a completion fee down from 1% of the loan to £500.
The limited company option charges 4.39% until the same date, and a reversion rate of 5.35% (LIBOR plus 4.75%) and a completion fee down from 1.5% of the loan to £750.
Bob Young, chief executive officer of Fleet Mortgages, said: “This two-year fix rate for standard buy-to-let borrowers is aimed at the mainstream landlord and provides a highly competitive rate delivering stability and certainty over that period.”
Fleet Mortgages only deals with the intermediary market and although its products are tailored towards experienced landlords and property investors, they also offer a full range for standard buy-to-let borrowers.