TML and Fleet reduce their buy to let rates

The Mortgage Lender (TML) and Fleet Mortgages have unveiled fresh buy to let offerings for landlords, including first-time landlord investor deals.

TML has rolled out improved buy to let products with an 80% loan-to-value (LTV) option, alongside updates to its First-Time Landlord (FTL) guidelines and lower rates across various BTL deals.

Meanwhile, Fleet Mortgages has trimmed rates by 15 basis points on its five-year fixed-rate plans for standard and limited company borrowers.

TML’s says its 80% LTV BTL product empowers landlords with greater flexibility, enabling them to secure properties with smaller deposits or unlock additional equity through remortgaging.

This opens doors for portfolio growth or property upgrades.

Aspiring investors encouraged

The lender has also raised its first time landlord maximum loan ceiling from £350,000 to £500,000, making it easier for aspiring investors to step into the rental market with a broader choice of properties.

On the pricing front, TML has shaved 0.05% off selected BTL rates, including its five-year 75% LTV fee range up to £500,000, percentage fee tiers of 2%, 3% and 5%, plus Multi Loan and Limited Edition variants.

Its Fee Saver option, exclusive to purchases and remortgages, also benefits.

Also, TML has revived its two-year Fixed Rate Limited Edition 75% LTV products, offering a 5% fee version at 3.79% and a 3% fee version at 4.79%.

PRS will evolve

TML’s head of sales, Chris Kirby, said: “The property market, particularly for BTL, is more complex than it has ever been before, and will continue to evolve as further governmental changes, such as energy efficiency ratings and enhanced tenant protection, become law and are implemented.

“It is therefore crucial that advisers are aware of what is going on in the market to ensure they provide the best support and advice to their customers to navigate the ever-changing landscape.”

He added: “In widening our proposition, we hope to continue to support existing landlords, as well as those joining the market.”

Lower rates and free valuations

Meanwhile, Fleet Mortgages has boosted its five-year fixed-rate line-up with rates on zero-fee products now standing at 5.49% for 65% LTV (down from 5.64%) and 5.59% for 75% LTV (down from 5.74%).

Fixed-fee options, pegged at £3,999, have dropped to 5.24% for 65% LTV (from 5.39%) and 5.34% for 75% LTV (from 5.49%).

These deals include free valuations for properties up to £500,000 and cap loans at £750,000 for fixed-fee plans.

The reductions follow earlier cuts to two-year fixes and the debut of two-year trackers this year.

Fleet’s chief commercial officer, Steve Cox, said: “We have been able to make not just these cuts to our standard and limited company five-year fixes, but last week to our two-year fixes as well.

“We know that many landlord borrowers continue to value mortgage payment certainty for a long period, and these rate cuts should appeal to them, and to help them meet affordability in order to get the size of the loans they require.”

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