"With the money markets becalmed, swap rates having continued to drop, and Fleet’s own funding options, we’re able to take all this into account and start the new year with a bang with these rate cuts."
- Steve Cox, chief commercial officer at Fleet Mortgages
Specialist buy-to-let lender Fleet Mortgages has cut rates 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 has reduced to 5.04% from 5.24%; while five-year fixes at 70% LTV have reduced from 5.14% to 4.74% and up to 75% LTV from 5.54% to 5.14%.
Green products - for properties with an A-C Energy Performance Certificate (EPC) rating – have reduced by 40bps and now start from 5.04% fixed for five years and 4.94% fixed for seven years, both at 75% LTV.
For HMO/MUB borrowers, a two-year fix up to 75% LTV has reduced by 20bps to 5.44% and five-year fixes are down by 40bps to 5.14% at 70% LTV and 5.48% at 75% LTV. Green five-year fixed rates now start from 5.38% and seven-year fixes from 5.28% at 75% LTV.
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%.
Fleet Mortgages also offer a range of tracker and green tracker products, plus a suite of product transfer options for existing borrowers.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “We’re very pleased to be able to kick the new year off with these very positive rate cuts across our entire range of fixes, covering all three of our core ranges – standard, limited company and HMO/multi-unit block.
“2023 was undoubtedly a challenging year, particularly for landlord borrowers coming to the end of their existing deals and facing a very different rate environment and a heightened affordability challenge.
“With the money markets becalmed, swap rates having continued to drop, and Fleet’s own funding options, we’re able to take all this into account and start the new year with a bang with these rate cuts.
“This should open up a wide variety of options for advisers and their landlord borrower clients – both purchasing and remortgaging – providing an easing of affordability that can get them the finance they need. The fact we also offer existing borrowers product transfers is also another reason to fully explore the Fleet product proposition.
“We’re looking forward to a strong 2024 and have an excellent appetite to lend, and are here to help and support advisers and their clients active in buy-to-let.”
