Both standard and limited company landlord borrowers benefit from the move
Specialist buy-to-let lender Fleet Mortgages has announced a series of rate cuts and the launch of two new five-year fixed rates for standard and limited company landlord borrowers.
The lender reduced its standard 75% loan-to-value (LTV) five-year fix for individual landlord borrowers by 20 basis points (bps), resulting in a new rate of 5.14%, down from 5.34%.
For limited company landlord borrowers, the same product saw a 35bps reduction, also bringing the rate to 5.14%, down from 5.49%. Both products carry a 3% fee, with a minimum of £750.
Meanwhile, Fleet’s new products, also available at 75% LTV for both standard and limited company borrowers, are priced at 5.69% and come with a fixed fee of £3,999. The maximum loan available is £500,000, with the end date set on October 31, 2029.
The new products include a rental calculation of 125% at 5.69% for basic taxpayers and 145% at 5.69% for higher-rate taxpayers. Free valuations are available for properties valued up to £500,000, with discounted rates for higher values.
What a beautiful day to launch new #buytolet products and announce rate cuts ☀️
— Fleet Mortgages (@FleetMortgages) June 25, 2024
We’re cutting rates on some of our existing five-year fixes for standard and limited company borrowers while also launching new fixed fee product optionshttps://t.co/nJPGoXwEZr pic.twitter.com/LI9a7OE5LR
Fleet Mortgages, which introduced new products and reduced pricing on its standard range last month, also offers a range of products at 65% LTV for purchase and refinance, a specific range for houses in multiple occupation and multi-unit blocks, 75% LTV Tracker products, and a suite of product transfer options for existing borrowers.
“We’re very pleased to be cutting rates on our existing five-year fixes for standard and limited company borrowers while also launching these new fixed-fee product options,” said Steve Cox (pictured), chief commercial officer at Fleet Mortgages. “The price cuts are significant and will represent a positive monthly cost saving over the term of the mortgage.
“These fixed-fee products should also prove popular, particularly for landlords seeking larger loans, plus we continue to offer free valuations on properties valued up to £500,000 which is designed to keep those upfront costs down.
“I’ve often spoken about how business activity improves the closer we get to 5% pricing in the buy-to-let sector, and, clearly, we are not a million miles away from such levels now. We anticipate a great deal of borrower interest in these repriced and new products, and we’re here to support advisers with their landlord clients as they seek to ensure they can meet affordability, secure the loans they need, and continue to stay invested in the private rental sector.”
Read more: Guide to Fleet for intermediaries
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