Fleet Mortgages, the buy-to-let and specialist lender, has revamped and repriced its product range.
The new product range goes live from today and includes a 0.30% basis point cut for its LIBOR-linked lifetime tracker products, available for standard, limited company and HMO borrowers.
Both standard and HMO products are now available at LIBOR plus 3.2% – currently 3.74% – while the limited company option is available at LIBOR plus 3.3% – currently 3.84%.
Bob Young, chief executive officer of Fleet Mortgages, said: “As can happen, swap rates have moved in recent weeks and it’s important – as a responsible lender – that we react to this, hence the repricing across the majority of our product range today.
“These products remain highly competitive and indeed our lifetime trackers for standard, limited company and HMO have been cut by 30 basis points.”
Highlights include a standard 2-year fixed-rate to 75% LTV at 3.09% and 5-year fixed-rate to 75% loan-to-value at 3.85%.
There’s a limited company 2-year fixed-rate to 65% LTV at 3.39% and to 75% LTV at 3.59%; a 5-year fixed-rate at 3.89% to 65% LTV and 3.99% to 75% LTV.
For a HMO: 2-year fixed rate at 3.59% to 65% LTV, 3.69% to 75% LTV and 4.19% to 75% LTV.
Young added: “The start to the New Year has been an incredibly positive one for Fleet Mortgages and it’s safe to say we’re busier than anticipated and already past our budgetary targets.
“We are embracing the ‘professionalisation’ of the buy-to-let market and advisers are increasingly using us because of our experience and service in this part of the market.
“We anticipate business levels to continue in this strong vein, are bolstering our BDMs across the country, and we are there to provide resource and support to our advisory partners in order to help their clients and develop their business offering.”
Exciting new changes from TML - elimination of cascading!
Exciting news from The Mortgage Lender today! They have some fantastic criteria changes meaning they may be a suitable option for even more clients! There is more certainty now allowing easy identification of the product an applicant will qualify for, based on their credit criteria.
Removal of cascade - if the applicant fits the criteria of TML1, TML2, or TML3 this is where they will fit. There is no cascading based on credit score
Accepting defaults on unsecured lending – acceptable on TML2 at 85% LTV rather than 75% on the old products
Unsecured arrears – up to worst status 4 on TML2 and worst status 6 on TML3
CCJs – now up to £1000 in TML2 at 85% rather than £500 on the old products
Fixed Rates – the highest rate now payable is 5.49% 5 year fixed rather than 7.26% 5 year fixed on old products
First time buyer up to 85% LTV
New build up to 85% LTV - they will also consider a maximum 5% builder gifted deposit/incentive up to 85% LTV. New build offers valid for up to 6 months
Increased maximum loan amounts - TML can now consider applications for loans up to £600k at 85% LTV, £750k at 80% LTV, and £1 million up to 75% LTV
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