"It’s often felt like 5% is the ‘magic mark’ when it comes to landlord borrowers meeting affordability and securing the levels of loans they require"
- Steve Cox, chief commercial officer at Fleet Mortgages
Fleet Mortgages has launched new two-year fixed rate fixed-fee buy-to-let products for standard and limited company borrowers, while also announcing a raft of rate cuts.
Available up to 75% LTV, the new products are priced at 4.89% and come with a £5,899 fixed fee, up to a maximum loan amount of £350,000, with the end date set at 31st October 2026.
Fleet has also announced a 10 basis points rate reduction to its existing two-year fixed rate products, also available up to 75% LTV.
Again, available for both standard and limited company borrowers, the rate has been cut to 4.99% from 5.09%; the product comes with a 3% fee, with a minimum level of £750. The maximum loan amount is £1m, and these products come with a free valuation up to £500k.
Fleet has also announced a range of price cuts – between five and 30 bps – to its range of 75% LTV, five-year fixes, also for standard and limited company borrowers.
Its £3,999 fixed-fee five-year product is now available at 5.39%; the zero-fee product is available at 5.89%; and its 3% fee product (with a minimum of £750) starts at 4.99%.
Fleet Mortgages also offers a range of five-year fixes at 65% LTV for purchase and refinance, plus a specific range of 75% LTV fixed-rate products for HMOs and multi-unit blocks, lifetime tracker products across all three product sectors, and a suite of product transfer options for existing borrowers.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “It’s often felt like 5% is the ‘magic mark’ when it comes to landlord borrowers meeting affordability and securing the levels of loans they require, so it’s incredibly pleasing to be offering these new two-year, fixed-rate products, cutting existing rates, and also offering our 3% fee five-year fixed-rate product to standard and limited company borrowers below the 5% mark.
“What we are very keen to do is offer choice for advisers and their landlord clients, and clearly fee structure is an important consideration, particularly for higher loans, but also in terms of whether they wish to add these to the overall loan from the outset. The critical point here is that we’ve improved product choice and we’re now able to offer products below the 5% level, which should ease affordability concerns and allow landlords to secure the loans they require at a better price.
“At the same time, we can also offer both fixed-fee and zero-fee options all at highly competitive rates, which should allow advisers to service a whole range of landlord borrowers, particularly in the months ahead as we anticipate a significant cohort of remortgage business to be up for maturity.
“That remortgage outlook, plus a more stable political environment and an interest rate environment which appears to be falling, means we believe the rest of 2024 can produce positive results for all mortgage market stakeholders. We at Fleet are here to support advisers and their landlord clients with all their buy-to-let lending needs.”
