It reduces rates across its standard, limited company, and HMO/MUB product ranges
Buy-to-let specialist lender Fleet Mortgages has reduced rates on all five-year fixes across its three core product ranges.
The lender has lowered rates by 20 basis points (bps) across standard, limited company, and house in multiple occupation (HMO)/multi-unit block (MUB) products, including a five-year fix up to 70% loan-to-value (LTV) now at 5.34% with the 75% LTV option at 5.74% for standard and limited company borrowers.
The green five-year fix – for properties with an energy performance certificate (EPC) rating of ‘A’ to ‘C’ – up to 75% LTV is now priced at 5.64% on the standard and limited company product ranges. For HMO/MUB borrowers, this product has a rate of 5.78%.
The HMO/MUB five-year fix up to 70% LTV is now at 5.54%, while the up to 75% LTV option is at 5.88%.
Fleet Mortgages’ 70% LTV five-year fixes all come with a fee of 5%, while all other products come with a fee of 3%, and a revert rate of bank base rate plus 3%.
📢 Another week, another rate cut 📢
— Fleet Mortgages (@FleetMortgages) September 29, 2023
We’re ending the week with a 20bps reduction on our Five-Year Fixes which should hopefully ease some of the affordability challenges facing landlordshttps://t.co/GRxo1fLMZp#buytolet #mortgages pic.twitter.com/hIKT21o6M3
The latest rate cuts follow the launch of Fleet’s new suite of product transfer deals for existing borrowers earlier this month, covering two- and five-year fixed-rate options. These product transfers come with a fee of 2.5%, a 50-bps reduction on the equivalent new business product range.
“With a greater degree of confidence in the future trajectory of rates, and some belief that we may have reached a peak – or at least are close to it – we’ve been able to reflect this in these new product rates, all 20 basis points off their previous levels,” commented Steve Cox (pictured), chief commercial officer at Fleet Mortgages.
“We’re acutely aware that lowering rates in this way eases some of the affordability challenges facing landlords, and we believe this range of longer five-year fixes will secure some considerable cut-through for those landlord borrowers who are either seeking purchase or remortgage finance.
“With our new PT suite of products also in place, advisers can have great confidence in recommending Fleet, not just for the here and now, but also for the future.”
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