You are here: cherry > Press releases for February 2015 > Fleet Mortgages announce launch of new Lifetime Tracker products & significant price cuts across range

11 February 2015

Fleet Mortgages, the new buy-to-let and specialist lender, has today (11th February 2015) announced the launch of new lifetime tracker products and a number of price cuts across its range, particularly for limited company and houses in multiple occupation (HMO).

For its HMO products, rates have been cut significantly and following feedback from brokers, the lender has introduced a new lifetime tracker at both 65% and 75% LTV. HMO product highlights include:

• 4.09% for two-year fixed-rate at 65% LTV.
• 4.29% for two-year fixed-rate at 75% LTV.
• 5.29% for five-year fixed-rate at 75% LTV.
• New lifetime tracker products with pay rates from only 4.01% (LIBOR plus 3.45%at 65% LTV) and 4.56% (LIBOR plus 4% at 75% LTV).

The completion fees on the lifetime tracker products have been reduced to just 1%.

For limited company products, Fleet Mortgages has also cut rates for its fixed-rate products and introduced lifetime tracker products at 65%, 75% and 80% LTV. Limited company product highlights include:

• 3.99% for two-year fixed-rate at 65% LTV.
• 4.19% for two-year fixed-rate at 75% LTV.
• 4.89% for two-year fixed-rate at 80% LTV.
• New lifetime tracker products with pay rates from only 3.81% (LIBOR plus 3.25% at 65% LTV), 4.36% (LIBOR plus 3.8% at 75% LTV), 4.86% (LIBOR plus 4.3%at 80%LTV).

Again completion fees on the lifetime tracker products are set at just 1%, except for 80% LTV which is 1.5%.

Finally, Fleet Mortgages has made price cuts across its range of standard buy-to-let products, with rates as follows:

• 2.69% for two-year fixed rate at 65% LTV
• 2.55% for three-year tracker at 65% LTV.
• 3.09% for two-year fixed rate at 75% LTV,
• 4.19% for five-year fixed-rate at 75% LTV.
• 3.05% for three-year tracker at 75% LTV.

Completion fees for all standard products are set at 1%.

Bob Young, Chief Executive Officer of Fleet Mortgages, commented:

“We promised when we launched Fleet Mortgages that we would continually look at the way the market was moving and also listen to feedback from our distributors. We also committed to acting quickly on this information which is why we have been able to re-price across almost our entire product range coming up with some incredibly sharp rates, particularly for our HMO and limited company borrowers. At the same time we have recognised the opportunity to introduce new lifetime tracker products specifically in these areas and again, with highly competitive pricing and a different completion fee level, we are confident they will hit the right mark with brokers and borrowers alike.

“January represented our first full month as a ‘true’ lender and we have been incredibly encouraged by both the reaction to our proposition and the feedback we have received from our key distributors. This has allowed us to finesse our product range today and to ensure we continue to hit the quality service standards we are already being recognised for. We have a significant amount of business already coming through the door, we are issuing offers and completing deals, and we will continue to work with all our stakeholders to ensure we provide them with a transparent and common sense-focused lending partner.”  

Fleet Mortgages is a new lender based in Fleet, Hampshire and is led by Bob Young as Chief Executive Officer. It lends exclusively through the intermediary sector offering buy-to-let mortgages for residential landlords as well as limited companies and those seeking finance for Houses in Multiple Occupation (HMOs).

For further information on all Fleet Mortgages’ products and criteria, please visit: www.fleetmortgages.co.uk