"It should also give a greater level of confidence to advisers in recommending Fleet to new borrowers, knowing that we are able to offer product transfers when those deals come to an end."
Buy-to-let lender Fleet Mortgages has launched a new suite of product transfer products for existing borrowers.
Available from today, the product transfer mortgage range currently includes both two and five-year fixed rate deals available across Fleet’s three core areas of lending: standard, limited company and HMO/Multi-Unit Block (MUB).
For standard/limited company borrowers, a two-year fixed-rate is priced at 5.79%, with a five-year fixed rate at 6.09%.
For HMO/multi-unit block borrowers, a two-year fixed rate starts at 5.99% and five-year fixed rates start at 6.23%.
Fees for all product transfer products are 2.5% - a 50 basis points reduction on the equivalent new business product range - with a revert rate of Bank Base Rate plus 3% after the end of the fixed-rate period.
Advisers will need to check with Fleet to discuss existing customer eligibility before applying for product transfers.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “As we continue to broaden our offering, we are very pleased to be launching this new range of product transfer products.
“Given where we are with the new rate environment, we believe this is a vital new option that will support ongoing property investment and provide peace of mind to eligible borrowers in terms of their continued ability to be active in the private rental sector.
“It should also give a greater level of confidence to advisers in recommending Fleet to new borrowers, knowing that we are able to offer product transfers when those deals come to an end.
“The rates on the product transfer range currently mirror those currently available for new borrowers, however there is a discount on the fee and of course our existing relationship with the customer will make the processing that much simpler.
“However, as mentioned, advisers do need to contact Fleet prior to making an application for a product transfer to ensure their client is eligible for these products and to discuss other possible options.”
