Rate cuts range from 20 to 40 basis points
Specialist buy-to-let lender Fleet Mortgages has implemented rate reductions on all two-, five-, and seven-year fixes within its standard, limited company, and house in multiple occupation (HMO) and multi-unit block (MUB) ranges.
The rate adjustments, ranging from cuts of 20 to 40 basis points (bps), apply to the following products for standard and limited company borrowers:
- Two-year fix up to 75% loan-to-value (LTV) reduced to 5.04% from 5.24%
- Five-year fixes up to 70% LTV reduced to 4.74% from 5.14%, and up to 75% LTV reduced to 5.14% from 5.54%
- Green five-year fix for properties with an energy performance certificate (EPC) rating of ‘A’ to ‘C’ – up to 75% LTV reduced to 5.04% from 5.44%
- Green seven-year fix up to 75% LTV reduced to 4.94% from 5.34%
Also reduced are the following deals for HMO and MUB borrowers:
- Two-year fix up to 75% LTV reduced to 5.44% from 5.64%
- Five-year fixes up to 70% LTV reduced to 5.14% from 5.54%, and up to 75% LTV reduced to 5.48% from 5.88%
- Green five-year fix up to 75% LTV reduced to 5.38% from 5.78%
- Green seven-year fix up to 75% LTV reduced to 5.28% from 5.68%
All 75% LTV two-, five-, and seven-year fixes are subject to a 3% fee, while the five-year 70% LTV fixes incur a 5% fee. The minimum fee for each product is £750. Additionally, all products carry a revert rate of bank base rate plus 3%.
Fleet Mortgages provides a range of tracker and green tracker products, along with various product transfer options for existing borrowers. Full details of all Fleet Mortgages products, with the latest rate cuts considered, can be viewed on its online product guides.
“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,” stated Steve Cox (pictured), chief commercial officer at Fleet Mortgages.
“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.
“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.”
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