"History tells us that when we have five-year fixed rate deals at 75% LTV under 5% payrate, this helps landlord borrowers meet affordability"
- Steve Cox, chief commercial officer at Fleet Mortgages
Fleet Mortgages has cut rates again on all two, five and seven-year fixes across its three core ranges: standard, limited company and HMO/multi-unit block.
For standard and limited company borrowers, a two-year fix up to 75% LTV now starts at 4.89%, down from 5.04%. Five-year fixes have reduced to 4.59% up to 70% LTV and 4.99% up to 75% LTV. Green five-year fixed rates - for properties with an A-C Energy Performance Certificate (EPC) rating – now start at 4.89% up to 75% LTV, while a seven-year rate has reduced to 4.79%.
For HMO/MUB borrowers, a two-year fix at 75% LTV now starts at 5.29%, while five-year fixes have decreased to 4.99% up to 70% LTV now and 5.33% up to 75% LTV. A green five-year fixed rate at 75% LTV is down to 5.23% and a seven-year fix is now at 5.13%.
All 75% LTV two, five and seven-year fixes come with a fee of 3%, with the five-year 70% LTV fixes having a fee of 5%. The minimum fee level for each product is £750. All products come with a revert rate of Bank Base Rate plus 3% and all end dates have now been extended to the 30th April.
The latest rate reductions follow last week's cuts of up to 0.40% across its entire fixed rate product range.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “A fast-moving mortgage marketplace requires the ability to move quickly and we are therefore pleased to be able to cut rates once again on all our fixed rate products across our three core ranges.
“All two, five and seven-year fixes are benefiting from a 15 basis point reduction, and we believe this will provide further, highly-competitive product options to advisers with both purchasing and remortgaging landlord clients.
“Specifically, history tells us that when we have five-year fixed rate deals at 75% LTV under 5% payrate, this helps landlord borrowers meet affordability, and is something of a magic number in terms of helping clients secure the loans they require.
“We also have tracker and green tracker options and these are also proving popular for those landlords who want to secure the finance they need right now, with the option to shift to a fix later down the line if rates continue to move lower.
“We are here to support all our adviser partners with all their buy-to-let client needs, so would urge anyone requiring help in this area, to start the conversation with Fleet immediately.”
