Fleet Mortgages, the buy-to-let specialist lender, has today (10th June 2020) announced the launch of new 70% and 75% LTV products across its three core product ranges: standard, limited company and HMO.
The lender has issued new two- and five-year fixed-rate products in all areas including, amongst others:
Fleet said that the introduction of the new products at the higher LTVs follows positive discussions with its funders and its appetite for business would be constantly reviewed in line with ongoing market conditions.
The new 70% and 75% LTV products complement Fleet’s existing 60% LTV products which have also seen a number of changes including extensions to initial and ERC dates, plus a number of cuts to pricing. These include:
Steve Cox, Distribution Director of Fleet Mortgages, commented:
“It’s incredibly positive for us to be able to announce these new 70% and 75% LTV products across the three core areas of our business, and to be offering more options to our adviser and distributor partners, and their landlord clients. This is the next step for us as a lender post-lockdown, and it comes as a result of excellent discussions with our funders and their confidence in our ability to deliver these loans.
That said, the capital markets are not yet near a ‘business as usual’ position as this can’t be a light switch that we can turn on, even with the housing market reopening and especially since physical valuations can now take place. Our funders want us to approach this market cautiously and, to that end, our appetite for lending is still going to be subdued, but slowly climbing.
However, we believe this is good news for the market and means we can begin again to re-engage with intermediaries at a higher LTV level and offer them more options for those landlord clients who are seeking finance.”