Fleet launches green BTL products, reintroduces LTV range


According to the lender, the new green products are available to landlord borrowers seeking to purchase or remortgage properties which have an EPC level of A through to C

Buy-to-let specialist lender, Fleet Mortgages, has announced that it has launched new green buy-to-let products and reintroduced 65% LTV products across its standard, limited company and LLP, HMO and multi-unit freehold ranges.

According to the lender, the new green products are available to landlord borrowers seeking to purchase or remortgage properties which have an EPC level of A through to C. The products are five-year fixes available at 75% LTV and come with a 10-basis points reduction off Fleet’s core five-year fixes with both standard and limited company/LLP offered at 4.85%, and HMO/MUFB offered at 4.99%.

Fleet has also reintroduced product options at 65% LTV, with standard and limited company/LLP products available at 4.85%, and HMO/MUFT at 4.99%. The lender also said that as a result of two-year swap rates have increased rapidly, and due to the uncompetitive price situation for this term where five-year products were currently cheaper than two-year, it was temporarily withdrawing its two-year fixed-rate products from the market.

As a result, it is now offering five-year fixes at 65%, 75% and 80% LTV, seven-year fixes at 75% LTV, the new five-year Green mortgages at 75% LTV, plus Tracker products at 75% LTV.

Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented: We are very pleased to be making our first entry-level foray into the provision of Green mortgages for landlord borrowers, who are increasingly looking for properties with EPC levels between A and C in order to meet any future requirements placed upon them in this area.

This is an entry point for us when it comes to Green activity and we’ll continue to look at the ways and means by which we can support landlords as they seek to deliver greater levels of energy efficiency within the housing stock of the private rental sector, he said.

We’ve also been able to reintroduce our 65% LTV products across all three core ranges, however as swap rates have rocketed and as the market for two-year fixes has diminished, we have made the decision to temporarily withdraw our two-year products, he said.

At present, to be active in this space would mean pricing these products at levels which would simply be unattractive to advisers and their landlord clients, especially given that five-year money is far cheaper than two-year at present, he said.

He said: We’ve therefore decided to stick with five- and seven-year products alongside our trackers until a time when the market shifts, and it makes sense to bring back competitively-priced two-year fixes.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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