Changes can be seen across its three core ranges
Fleet Mortgages (Fleet), a buy-to-let specialist lender, has announced that it will be cutting rates on all of its two-, five-, and seven-year fixes. The rate cuts will span its three core ranges which are standard, limited company, and HMO/multi-unit block (MUB).
“A fast-moving mortgage marketplace requires the ability to move quickly, and we are therefore pleased to be able to cut rates once again on all our fixed-rate products across our three core ranges,” said Steve Cox (pictured), chief commercial officer at Fleet Mortgages.
Fleet has cut rates by 15 basis points across products including:
- Standard/limited company borrowers
- two-year fix up to 75% LTV, now at 4.89% from 5.04%;
- five-year fixes up to 70% LTV, now at 4.59% from 4.74% and up to 75% LTV now at 4.99% from 5.14%;
- Green five-year fix - for properties with an A-C Energy Performance Certificate (EPC) rating – up to 75% LTV now at 4.89% from 5.04%;
- Green seven-year fix up to 75% LTV now at 4.79% from 4.94%.
- HMO/MUB borrowers
- two-year fix up to 75% LTV now at 5.29% from 5.44%;
- five-year fixes up to 70% LTV now at 4.99% from 5.14%, and up to 75% LTV now at 5.33% from 5.48%;
- Green five-year fix up to 75% LTV now at 5.23% from 5.38%;
- Green seven-year fix up to 75% LTV now at 5.13% from 5.28%.
“All two-, five- and seven-year fixes are benefiting from a 15-basis point reduction, and we believe this will provide further, highly competitive product options to advisers with both purchasing and remortgaging landlord clients,” said Cox.
All 75% LTV two-, five-, and seven-year fixes come with a fee of 3%. The five-year 70% LTV fixes also have a fee of 5%, with the minimum fee level for all of the products sitting at £750. All products also have a revert rate of Bank Base Rate, plus 3%.
“Specifically, history tells us that when we have five-year fixed-rate deals at 75% LTV under 5% payrate, this helps landlord borrowers meet affordability, and is something of a magic number in terms of helping clients secure the loans they require,” said Cox.
All end dates have also been extended to April 30.
“We are here to support all our adviser partners with all their buy-to-let client needs, so would urge anyone requiring help in this area, to start the conversation with Fleet immediately,” said Cox.
