Fleet reduces limited company and HMO rates

Fleet Mortgages has cut rates across its 75% & 80% limited company and houses in multiple occupation (HMO) products. Limited company rates at 80% LTV, with free or discounted valuations, have been reduced by five basis points. The two-year product is now priced at 3.64% and the five-year at 3.89%, both with a 1.5% fee and a rental valuation of 125% at 5.5%.

Across Fleet’s HMO range at 75% LTV, a two-year product has been reduced to 3.19% and a five-year fixed rate to 3.59%. Each comes with a 1.5% fee and a rental calculation of 125% at 6.02%

At 80% LTV, two-year HMO rates now start at 3.99% and five-year products from 4.29%. The products have a fee of 1.5% and a rental calculation of 125% at 6.02%.

The lender has also extended all its end-dates on two-year fixes to 31 January 2022 and five-year fixes to 31st January 2025, plus it has extended the dates on their stepped early repayment charges.

Steve Cox, distribution director of Fleet Mortgages said, “We constantly review our product pricing to ensure it is as competitive as it can possibly be, and by talking to advisers ensure that it meets their needs and provides their landlord clients with quality finance options. Over the course of the past few years we’ve seen an increase in demand for limited company buy-to-let plus a growing number of landlords seeking to maximise rental yield via HMO and multi-unit block properties. That focus is unlikely to change and therefore it’s imperative that Fleet have both strong pricing and criteria in these two core product areas.

“The recent announcement of our new funding partnership with OWS Capital Management has been warmly received and we are working with both our funders to ensure our criteria meets the needs of the market, and that we have product pricing which reflects the current situation. Any adviser looking at the options available to their buy-to-let clients, or indeed looking to grow their advice proposition for landlords, should certainly contact the Fleet sales team to see how we can support their activity.”