Specialist buy-to-let lender, Fleet Mortgages, has announced a 15 basis points price cut to a variety of two and five-year fixed-rates across its three core ranges: standard, limited company and HMO/multi-unit freehold block (MUFB).
Across 75% LTV two-year fixes, Fleet's standard/limited company product for properties with an EPC of A-C has been cut from 4.29% to 4.14%, while the equivalent non-EPC A-C product has been cut from 4.39% to 4.24%. Both come with a 3% fee and are available for purchase and remortgage.
In addition, the £5,499 fixed fee product has been cut from 4.89% to 4.74%.
In Fleet's HMO/MUFB range, the 3% fee EPC A-C product has been cut from 4.49% to 4.34% and the equivalent non-EPC A-C product has been cut from 4.59% to 4.44%. The £1,999 fixed-fee product rate has been cut from 5.79% to 5.64%.
Fleet has also cut rates across its five-year fixes, on both 65% and 75% LTV products. The new standard/limited company 65% LTV rates with no completion fees have been cut from 5.49% to 5.34%, while 75% LTV rates with no completion fees have been cut from 5.59% to 5.44%.
Standard and limited company five-year fixes at 75% LTV have reduced from 4.89% to 4.74% for EPCs of A-C and from 4.99% to 4.84% for the non A-C equivalent, both with a 3% fee.
For HMO/MUFB, the 3% fee EPC A-C product has been cut from 5.29% to 5.14% and the equivalent non-EPC A-C product has reduced from 5.39% to 5.24%.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, commented: “Market rate movements in recent weeks have been trending downwards in anticipation of future cuts by the Bank of England. Last week’s UK inflation figures appear to cement that trend which may well see action being taken at next month’s MPC meeting.
“Given these movements and the strength of our funding model, Fleet is able to make today’s announcement and we are very pleased to be cutting rates by 15 basis points across a wide variety of both 65% and 75% LTV two and five-year fixes, with different fee structures – percentage-based, fixed-fee and some with no completion fees at all.
“There will always be a strong cohort of landlord borrowers who want monthly mortgage payment certainty, and the only way they can secure this is via a fixed-rate mortgage, whether two or five-year.
“These new rates are highly competitive and should allow advisers to present a positive mortgage picture to their landlord borrower clients, and to help them either fund a new purchase or refinance their current deals to secure their portfolio ambitions over the next two- or five-year period.”
