Fleet Mortgages has launched a new suite of product transfer products for existing borrowers, which is available from today. The range currently includes both two and five-year fixed rate deals across Fleet’s core areas of lending; standard, limited company and HMO/MUB. For eligible standard and limited company borrowers, two and five-year fixed rates are priced at 5.79% and 6.09% respectively. For HMO/MUB borrowers, two and five-year rates are fixed at 5.99% and 6.23% respectively. Product transfer fees are now at 2.5%, which is a 50bps reduction on the equivalent new business range, with a revert rate of bank base rate of plus 3% after the end of the fixed-rate period.
Ian Lonergan has been appointed as the new group chair at Chetwood Financial. The digital bank was founded in 2016 and has four consumer products; LiveLend, BetterBorrow, SmartSave and Wave, and is soon to be ModaMortgages, a new buy-to-let (BTL) mortgage lender. Lonergan has 30 years of experience in the financial services industry, previously serving as chief executive officer and founder at Precise Mortgages, which grew to become one of the UK’s largest BTL and residential mortgage lenders. He has also held roles at GMAC, AMP and Ernst & Young. Lonergan will provide leadership to the company’s board and will also be responsible for the strategic oversight for Chetwood’s growth, supporting and challenging managers in the business and bringing forward proposals to effectively deliver the firm’s financial products.
Saffron for Intermediaries has made a number of changes to its mortgage products, which include enhancements to its self-employed range. Self-employed customers are now able to apply for a 90% LTV product with both two and five-year fixed rates at 7.07% and 6.87% respectively. Saffron has also reintroduced its 80% LTV two-year fix at 6.87% and a 60% LTV discounted option at 6.09%. Other changes include a relaunch of mortgage products for contract workers, including 80% LTV two and five-year fixed products at 6.67% and 6.37% respectively, with a discounted 60% available at 5.99% and a 90% LTV fix at 6.87%.
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