Rates were reduced by 20 basis points
Buy-to-let specialist lender Fleet Mortgages has announced reduced product rates across its entire range of two- and five-year fixed rate products.
The lender said that all two- and five-year fixes within its standard, limited company, and house in multiple occupation (HMO) and multi-unit freehold block (MUFB) range have been reduced by 20 basis points.
Fleet’s 75% loan-to-value (LTV) two-year fixes for both standard and limited company have a rate of 5.49% and 5.59% for the HMO or MUFB two-year fix. Five-year fixes for standard and limited company borrowers now have a rate of 5.09% at 65% LTV and 5.19% at 75% LTV. The rate of its HMO or MUFB equivalent are 5.23% at 65% LTV and 5.33% at 75% LTV.
📢 We’ve cut the rates on our Two-Year and Five-Year BTL Fixes 📢 Due to a combination of factors including a softening of swap rates and further movement within the sector, we’ve reduced our fixed-rate pricing by 20bps. https://t.co/qfGEGkwUL0#buytolet #mortgages pic.twitter.com/WJ5zLMs0fM
— Fleet Mortgages (@FleetMortgages) March 22, 2023
Green five-year fixed-rate products – for those properties with an energy performance certificate (EPC) rating of ‘C’ and above – have also been reduced to 5.09% at 75% LTV for standard and limited company, and 5.23% for HMO or MUFB.
All these products come with a 2% fee, except Fleet’s 70% LTV five-year fix which has a 5% fee and has also been reduced. It is now priced at 4.59% for standard and limited company borrowers, and 4.69% for HMO or MUFB.
Fleet Mortgages’ product guide and full list of lending criteria is available to view online through the lender’s website.
“Last month, we were able to bring two-year fixes back to our range, and this month, due to a combination of factors, including a softening of swap rates and further movement within the sector, we’ve been able to reduce our fixed rate pricing across the board by 20 basis points,” commented Steve Cox (pictured), chief commercial officer at Fleet Mortgages.
“The recent budget, and in particular the Office for Budget Responsibility’s inflation and interest rate forecasts appear to have added a further layer of calm to market sentiment, with the belief that rates will now peak at a lower level than previously feared.”
Cox (pictured) added: “It means we’ve been able to review our pricing and cut it accordingly, which we believe will make these fixes – which many landlords want in order to have payment certainty over the time period – more attractive and will provide further options for advisers and their buy-to-let clients.”
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