Fleet Mortgages, the buy-to-let specialist lender, has brought back its range of 2-year fixed-rate products for landlord borrowers, as well as launching a new range of 5-year fixes.
From today, advisers will be able to access these new 75% loan-to-value (LTV) 2-year fixes which complement Fleet’s existing range of 5- and 7-year fixes, plus its tracker and green product options.
Fleet’s new 2-year fix for both standard and limited company borrowers is now available at 5.69%, while its 2-year fix for HMO and multi-unit block 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 ERC end date is the 30th April 2025.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “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, and 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 2-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.”
The lender has also launched new 5-year fixed-rate products, available up to 70% LTV.
Both standard and limited company products are priced at 4.79%, while the HMO/multi-unit block product is available at 4.89%.
These new 5-year fixes come with a product fee of 5%, again with a minimum of £750, and Fleet said they have been launched with a higher fee/lower rate to help landlord borrowers meet affordability criteria.
The launch of these 2- and 5-year fixed-rate products comes after Fleet announced price cuts on all its 7-year fixed-rates at the start of February.
Service levels remain high with Fleet currently assessing documents within 24 hours, conducting same-day DIP reviews and providing valuation turnarounds within 24 hours.
Cox continued: “At the same time, we have also been able to launch new 5-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 5-year fixes will run alongside the rest of the range which come with our standard product fees.
He concluded: “We’ll continue to review the buy-to-let market in its entirety, and take heed of 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.”
