Fleet Mortgages introduces five-year fixes with no completion fees

Published on

Fleet Mortgages has unveiled new limited edition, five-year fixed-rate products with zero completion fees across its three core ranges: standard, limited company and HMO/multi-unit block (MUB).

The new five-year fixes are available up to 75% LTV with standard/limited company borrowers being able to access a rate of 5.59%, while for HMO/MUB borrowers the rate is 5.93%.

The buy-to-let specialist lender said that the zero completion fee products would provide a “considerable, upfront saving”.

There is a booking fee for each product of £199 and includes free valuations for both standard and limited company borrowers for properties up to a value of £500k.

Steve Cox, chief commercial officer at Fleet Mortgages, said: “Last year, the challenge of a higher interest rate environment and what it required in terms of affordability criteria, meant we saw a large number of lower rate/higher fee products being launched.

“Now that we have seen rates come off those highs, with swap rates stabilising, and a far more competitive rate environment, we wanted to ensure we offered a different set of products which did not come with any completion fee whatsoever.

“These three limited edition five-year fixes offer landlord borrowers a highly-competitive rate from the outset, but with no completion fees to pay, meaning they do not have to pay those costs upfront or add the cost of the fee to the loan.

“Feedback from intermediary partners suggests these offer a strong option, particularly for portfolio landlord clients who are seeking to capital raise but want to minimise any reduction in the value of their equity.

“Without the fee, these product rates for standard and limited company borrowers are equivalent to the same all-in cost as a 4.99% five-year product with a 3% fee, which makes this a very strong product offering and one which will mean no initial outlay or the addition of potentially thousands of pounds to the overall loan.

“Advisers will clearly have to work with landlord clients to review what option is best for them, but these new products provide them with another route to move down, if the maths can work for the borrower and they would like to benefit from a zero completion fee approach.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Market Harborough broadens tier two mortgage criteria to boost complex case lending

Market Harborough Building Society has introduced a series of criteria enhancements to its tier...

Coventry for intermediaries reduces rates across residential and buy-to-let ranges

Coventry for intermediaries has announced rate cuts of up to 19 basis points, with...

Halifax cuts remortgage rates across selected two and five-year fixed deals

Halifax Intermediaries has announced a series of rate cuts across its remortgage product range,...

The Leeds reports £104m profit amid robust lending and savings growth

Leeds Building Society has reported a profit before tax of £104.4 million for the...

Annual house price growth picks up as affordability improves

The UK housing market showed renewed resilience in July, with house prices rising by...

Latest publication

Latest opinions

Job cuts to inflation shock: preparing for a mortgage arrears crisis

The latest data on jobs paints a picture of a rapidly weakening labour market. The...

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Navigating HMO and MUFB complexity with confidence

Historically, larger Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs) have often...

Other news

Market Harborough broadens tier two mortgage criteria to boost complex case lending

Market Harborough Building Society has introduced a series of criteria enhancements to its tier...

Coventry for intermediaries reduces rates across residential and buy-to-let ranges

Coventry for intermediaries has announced rate cuts of up to 19 basis points, with...

Halifax cuts remortgage rates across selected two and five-year fixed deals

Halifax Intermediaries has announced a series of rate cuts across its remortgage product range,...