Fleet Mortgages has launched a new five-year HMO fix and reduced rates on several of its individual landlord products.
The BTL specialist lender announced that its new HMO five-year fix will offer up to 75% LTV at a rate of 3.59%, coming with a rental calculation of 125% at the initial rate – with a fee of 1.5%.
Fleet Mortgages has also said that the introduction of the product follows feedback from its intermediary partners, and ties into the growing demand for higher-yielding HMO properties.
Fleet Mortgages distribution director, Steve Cox, commented: “Over the past year to 18 months, we’ve seen a considerable growth in interest in HMO properties as landlords look to maximise their rental yield in light of the taxation changes which impact on their ability to claim mortgage interest tax relief.
“HMO products and lending have always been one of our three core areas and we’re very pleased to be launching this new five-year pay-rate product which will be of interest to those landlords seeking to ensure they can secure the loan amount they need at a highly competitive rate.”
The introduction of the new HMO product and the rate cuts has followed Fleet Mortgages’ recent announcement of its new funding partnership with the asset manager, One William Street (OWS) Capital Management.
The additional funding with the New York-based alternative investment adviser has brought the amount of money Fleet Mortgages can lend in the UK BTL market up to £1.4bn.
“We’ve also been able to cut rates across a number of our individual five-year fix products, offering a series of incentives including pay-rate rental calculations, and products with a free valuation,” Cox continued.
“As the latest UK Finance figures show, there has been a growing level of BTL activity throughout 2019, particularly from professional landlords, and as specialists in this market, we believe we can offer advisers and their clients everything they need to take full advantage of market conditions, and ensure they have the funding they need to bolster their portfolios.”
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