It also pulls its 80% LTV products from the market
Buy-to-let specialist lender Fleet Mortgages has announced rate cuts across all its five- and seven-year fixed rate mortgages for both 65% and 75% LTV.
For standard or limited company products, the rate of a five-year fix at 65% LTV was reduced to 5.69% from 6.39%, while that at 75% LTV was lowered to 5.79% from 6.49%. Fleet’s five-year fix green mortgage product at 75% LTV, which is available on properties with an EPC rating of ‘C’ and above, is now priced at 5.69% from 6.39%. The seven-year fix at 75% LTV is now at 5.83% from 6.53%.
For house in multiple occupation (HMO) or multi-unit block (MUB) products, the five-year fix at 65% LTV is now priced at 5.83% from 6.53%, while that at 75% LTV is now at 5.93% from 6.63%. The five-year fix green mortgage product at 75% had its rate lowered to 5.83% from 6.53%. The seven-year fix at 75% is now priced at 5.93% from 6.63%.
Fleet has also changed its revert rate for all fixed-rate products after the end of the special rate, to bank base rate plus 3%. Previously, this was BBR plus 5% for standard and limited company products, and BBR plus 5.25% for HMO and MUB.
The lender is also withdrawing its 80% LTV products, with completion fees moved to 2% for all products, and booking fees now at £199 for fixed rates.
Its range of trackers remain unchanged with 75% LTV products for both standard and limited company trackers available at a rate of BBR plus 1.75%, while the HMO and MUB tracker is available at BBR plus 2%.
Read more: Fleet Mortgages withdraws some products – adds new line-up.
Fleet said its recently launched green mortgage tracker products at 75% LTV are still available to landlord borrowers seeking to purchase or remortgage properties which have an EPC rating of ‘A’ to ‘C’. They come with a 10-basis points reduction off Fleet’s core trackers with both standard and limited company offered at BBR plus 1.65%, and HMO and MUB offered at BBR plus 1.9%.
The full list of Fleet Mortgages’ products and lending criteria is available on the lender’s website.
“With these new fixed-rate products, we are effectively dropping rates by 70 basis points across the board, and now have a range of five- and seven-year fixes with prices all below 6%, some by a considerable margin,” Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said.
“In recent weeks, we’ve seen a degree of stability return to the markets, which means lenders like ourselves can be much clearer about our ability to fund longer-term fixes, which has translated into these significant price cuts.
“We are very pleased to be able to cut rates across our entire fixed-rate product offering, and, coupled with our unchanged tracker range, we believe we have a very strong proposition to support advisers and their landlord borrower clients.”
