Fleet Mortgages adds fixed rate products

It brings back its range of two-year fixes and launches a new range of five-year fixes

Fleet Mortgages adds fixed rate products

Specialist lender Fleet Mortgages has brought back its range of two-year fixed rate products for landlord borrowers and launched a new range of five-year fixes.

Starting on February 22, advisers will be able to access new 75% loan-to-value (LTV) two-year fixes, which complement Fleet’s existing range of five- and seven-year fixes, plus its tracker and green product options.

Fleet’s new two-year fix for both standard and limited company borrowers is now available at 5.69%, while its two-year fix for house in multiple occupation (HMO) and multi-unit block (MUB) borrowers is available at 5.79%.

The product fee is 2%, with a minimum of £750. The revert rate is bank base rate plus 3% and the early repayment charge end date is the April 30, 2025.

The lender has also launched new five-year fixed rate products, available up to 70% LTV.

Both standard and limited company products are priced at 4.79%, while the HMO/MUB block product is available at 4.89%. The new five-year fixes come with a product fee of 5%, with a minimum of £750.

Fleet said the new products have been launched with a higher fee and lower rate to help landlord borrowers meet affordability criteria.

The launch of these two- and five-year fixed rate products comes after Fleet announced price cuts on all its seven-year fixed rates earlier this month.

Fleet Mortgages’ product guide and full list of lending criteria is available to view online through its website.

“Following the turmoil inflicted on the market by last year’s mini budget, we have been looking for a point where we’d be able to reintroduce a two-year fixed range for landlord borrowers,” Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said. “I’m very pleased to say we have now been able to get there.

“Given the uncertainty around rates, we appreciate this has not been a happy hunting ground for advisers or clients in recent months, but the launch of these new 75% LTV two-year fixes should hopefully provide a further boost in product options and choice for those looking for shorter-term certainty when it comes to their monthly mortgage payments.

“At the same time, we have also been able to launch new five-year fixes with lower rates and a higher fee, as we know there is significant demand for such products against the backdrop of landlords seeking to meet affordability criteria, in order to get the level of loans they want and need. These five-year fixes will run alongside the rest of the range, which come with our standard product fees.”

Cox added in the post announcing the product updates that they would continue to review the buy-to-let market in its entirety and consider adviser feedback in order to support landlord clients.

“This will not be the last you hear from Fleet so look out for further enhancements in the weeks to come,” he said.

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