Fleet cuts lifetime trackers by 30bps in product revamp

Fleet Mortgages has repriced its product range, cutting rates across its three lifetime tracker options.

Related topics:  Mortgages
Rozi Jones
22nd February 2018
Bob Young Fleet
"As can happen, swap rates have moved in recent weeks and it’s important – as a responsible lender – that we react to this"

The new product range goes live from today and includes a 30 basis point cut for its LIBOR-linked lifetime tracker products, available for standard, limited company and HMO borrowers.

Both standard and HMO products are now available at LIBOR plus 3.2% - currently 3.74% - while the limited company option is available at LIBOR plus 3.3% - currently 3.84%.

Rates have also been reduced across Fleet's standard range, with two-year fixed-rates now available from 3.09% and five-year fixes from 3.85% up to 75% LTV.

New limited company products include two-year fixed-rates from 3.39% at 65% LTV and 3.59% up to 75% LTV, and five-year fixed rates from 3.89% at 65% LTV and 3.99% up to 75% LTV.

Finally, HMO/multi-unit block rates are available up to 75% LTV at 3.69% fixed for two years and 4.19% fixed for five years.

Bob Young, CEO of Fleet Mortgages, commented: “As can happen, swap rates have moved in recent weeks and it’s important – as a responsible lender – that we react to this, hence the repricing across the majority of our product range today. These products remain highly competitive and indeed our lifetime trackers for standard, limited company and HMO have been cut by 30 basis points. The start to the new year has been an incredibly positive one for Fleet Mortgages and it’s safe to say we’re busier than anticipated and already past our budgetary targets.

"We are embracing the ‘professionalisation’ of the buy-to-let market and advisers are increasingly using us because of our experience and service in this part of the market. We anticipate business levels to continue in this strong vein, are bolstering our BDMs across the country, and we are there to provide resource and support to our advisory partners in order to help their clients and develop their business offering.”

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