Fleet Mortgages cuts buy-to-let completion fee

Specialist buy-to-let lender Fleet Mortgages has unveiled a product with lower completion fees for loans up to £150,000.

The two-year, fixed-rate product is available for both standard buy-to-let borrowers and those using a limited company and offers lower completion fees for those borrowing £150,000 or less.

The standard buy-to-let product charges 3.29% until 31 October 2017 with a current reversion rate of 5.1% (LIBOR plus 4.5%) and a completion fee down from 1% of the loan to £500.

The limited company option has a rate of 4.39% until the same date, a reversion rate of 5.35% (LIBOR plus 4.75%) and a completion fee down from 1.5% of the loan to £750.

Both standard and limited company options are available up to 75% LTV and available on house purchase and remortgage.

The minimum loan is £25,001 and the maximum £150,000, with early repayment charges of 5%, and a booking fee of £150.

Fleet Mortgages recently repriced two of its lifetime tracker products for those purchasing or remortgaging HMO properties.

For loans up to 65% LTV the new rate is 4.25% (LIBOR plus 3.65%) and for those up to 75% it is 4.8% (LIBOR plus 4.2%).

Fleet's chief executive officer Bob Young said: “These new products for both standard and limited company buy-to-let are essentially offering cuts in our completion fees to those borrowers who want and need smaller loans.

“This is likely to be because they are purchasing or remortgaging in a lower-priced area and therefore it makes sense for us not to operate a percentage fee but charge a fixed amount instead.

“We are actively working with our supportive broker partners in order to help their experienced landlord clients secure the finance they need.”

Fleet Mortgages only deals with the intermediary market and its products are tailored towards experienced landlords and property investors. It covers mainstream buy-to-let residential mortgages as well as finance for those investing through limited company vehicles and houses in multiple occupation (HMO).