The three new products are available with immediate effect and are available up to 65% LTV. They include: a pay rate lifetime tracker at 4% - rent is calculated at 125% at 4%; a two-year fix at 3.40% - rent is calculated at 125% at 5%; and a five-year fix at 3.79% with rent again calculated at 125% at 5%.
These products are offered in addition to the full Fleet Mortgages product offering with no changes to the existing range.
With the new underwriting changes for PRA-authorised lenders being introduced from 1st January 2017, Fleet Mortgages is urging advisers to be proactive with their buy-to-let clients now, given the potential impact of such changes.
Fleet Mortgages is an intermediary-only, buy-to-let lender and its products are available to individuals, limited companies and those looking to invest in Houses in Multiple Occupation (HMO)/Multi-units.
Bob Young, Chief Executive Officer of Fleet Mortgages, commented:
“With just a few weeks left until we see some significant changes to the buy-to-let market for many lenders, it is vitally important that advisers look at all the available options for those clients who are going to be impacted by this. To that end, and given the increasing popularity of limited company buy-to-let, we have launched three new products in our range for borrowers utilising the advantages of a corporate structure."
