Fleet Mortgages Reduces Lifetime Tracker Options for Investment Properties

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Fleet Mortgages has reduced three lifetime tracker options, reflecting the increasing ‘professionalism’ of the buy to let market.

The specialist lender is reacting to the recent change in swap rates as well as the growing professionalisation of the sector. Fleet Mortgages offers rates at at Libor plus 3.2 per cent for lifetime tracker products, standard products, or houses in multiple occupation (HMOs).

Deals of Libor plus 3.3 per cent are available for the limited company option. The rates accompanying these lifetime trackers are currently at 3.74 per cent and 3.84 per cent.

The lender’s two-year fixed rates include a 3.09 per cent 75 per cent loan-to-value (LTV) deal offering for all standard buy to let customers as well as a two-year fixed rate for limited company customers at 3.39 per cent at 65 per cent LTV.

Chief executive of Fleet Mortgages, Bob Young, said: ‘Swap rates have moved in recent weeks and it is important – as a responsible lender – that we react to this, hence the repricing across the majority of our product range today. These products remain highly competitive and indeed our lifetime trackers for standard, limited company and HMO have been cut by 30 basis points.’

He continued: ‘We are embracing the professionalisation of the buy to let market and advisers are increasingly using us because of our experience and service in this part of the market. We anticipate business levels to continue in this strong vein, are bolstering our business development managers (BDMs) across the country, and we are there to provide resource and support to our advisory partners in order to help their clients and develop their business offering.’

Director at mortgage brokers London & Country, David Hollingworth, added: ‘Depending on who you ask, some people say that everyone is working through a limited company now, and it has certainly been put under the spotlight with the tax changes. However, I would say that these limited company mortgages will only ever appeal to certain people. These are not the top rates, but they are not bad, considering that Fleet is a specialist lender.’