It cuts rates by up to 50bps
Specialist buy-to-let lender Fleet Mortgages has slashed rates by up to 50 basis points (bps) on standard and limited company tracker products.
The lender reduced the tracker to bank base rate (BBR) plus 1.25%, and the green tracker – for properties with an energy performance certificate (EPC) rating of ‘A’ to ‘C’ to BBR plus 1.15%.
Fleet said all its tracker and green tracker products are available up to 75% loan-to-value (LTV), come with a 2% fee (minimum £750), and have no early repayment charges (ERCs). It also continues to offer landlord borrowers a £1,000 cashback payment if they improve the EPC level of the property to a ‘C’ or above during the initial fixed rate period.
As swap rates have continued to stabilise, we've made more rate reductions...
— Fleet Mortgages (@FleetMortgages) November 30, 2023
✔️ Standard and Limited Company 2-Year Fixes cut by 20bps
✔️ Standard and Limited Company Trackers cut by 50bps
Call our Sales team on: 01252 916 800https://t.co/yU3qcxqZcv#mortgages #buytolet pic.twitter.com/wdyx6wniV3
Meanwhile, the buy-to-let lender has announced that it is also cutting rates across its standard and limited company two-year fixed rate products by 20bps. With this latest reprice, rates now start from 5.24%, available up to 75% LTV.
The products come with a fee of 3% (minimum £750) with ERCs of 3% in the first year and 2% in the second.
Fleet’s two-year fix for house in multiple occupation and multi-unit block borrowers remains unchanged at 5.64%, also available up to 75% LTV.
Earlier this month, the lender also reduced rates on all its standard and limited company five-year fixes by 20bps.
“Swap rates, market competition, and a growing interest in tracker products themselves has allowed us to reassess our pricing across both our standard and limited company products, and our two-year fixes within those two ranges,” commented Steve Cox (pictured), chief commercial officer at Fleet Mortgages. “It is interesting to see growing activity in the tracker space, as landlord borrowers look at flexible, shorter-term products that will allow them to change products in the future without any ERCs.
“We might call this a growing ‘Track to Fix’ approach, as some landlords will feel falling inflation and swap rates also dropping is likely to herald further cuts to fixed rate pricing throughout next year which they will be able to take advantage of at a later date. Other borrowers might simply want the certainty of a shorter-term fix, and again, we’ve been able to cut our two-year fixes to support advisers with this type of landlord client.”
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