Two-year fixed rates were slashed by 0.20%
Buy-to-let specialist lender Fleet Mortgages has reduced rates across its two-year fixed-rate products and launched a new, green seven-year fix.
The lender said that all two-year fixes within its standard, limited company, and house in multiple occupation (HMO) and multi-unit freehold block (MUFB) range have been reduced by 20 basis points.
Standard and limited company 75% loan-to-value (LTV) two-year fixes are now priced at 5.29%, and come with a 2% fee, while the HMO and MUFB 75% LTV two-year fix is now priced at 5.39%, also with a 2% fee.
Fleet has also announced the launch of a new green seven-year fixed-rate product – for those properties with an energy performance certificate (EPC) rating of ‘C’ and above – with a rate of 4.99% at 75% LTV for standard and limited company borrowers, and 5.09% for HMO and MUFB.
The fee for these seven-year options is 2%, a reduction of 1% on Fleet’s previous non-green seven-year fixed-rate, which is replaced by this new product.
📢 We've cut the rates on our Two-Year Fixes and Launched a new Seven-Year Green Product 📢
— Fleet Mortgages (@FleetMortgages) May 10, 2023
Find out more: https://t.co/lMVqJjRumG#buytolet #BTL #mortgages #greenmortgages
The lender also offers a range of five-year fixes with 65%, 70%, 75% LTV options, as well as a green five-year fix at 75% LTV, plus a tracker and green tracker product, also available up to 75% LTV.
Fleet Mortgages’ product guide and full list of lending criteria can be accessed online through the buy-to-let lender’s website.
“In February, we were able to bring two-year fixes back to the market and since then, as rates have stabilised further, we have been able to cut our pricing and are very pleased to be able to announce these further reductions of 20 basis points,” Steve Cox (pictured), Chief Commercial Officer at Fleet Mortgages, stated in a product update announcement.
“As advisers will know, meeting affordability for landlord borrowers remains a high priority, and these price cuts should make that even more achievable for those clients who want a shorter-term deal.
“At the same time, we have launched a new green seven-year fixed-rate option with a reduced fee of 2%. Rates on this product start below 5% for standard and limited company borrowers, who are purchasing or refinancing a property with an ‘A’ to ‘C’ EPC level, and this can give them long-term certainty in terms of mortgage payment, while benefiting from the energy efficiency of the property.
“Overall, we continue to look at our range in light of a number of factors, and we believe our fixed and tracker options will appeal to a wide range of landlord borrowers.”
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