Fleet Mortgages, the buy-to-let specialist lender, has cut rates on all 2- and 5-year fixes, as well as launching a new Green 7-year fixed-rate product.
The lender has cut rates by 0.15% across all its fixed rates including deals for standard and limited company borrowers, as well as houses in multiple occupation (HMO) borrowers.
Standard and limited company borrowers will benefit from a 2-year fixed rate up to 75% loan-to-value (LTV) at 5.64%; a 5-year fix up to 70% LTV at 5.54%, and up to 75% LTV at 5.94%; and a Green 5-year fix up to 75% LTV at 5.84%.
New deals for HMO borrowers include a 2-year fixed rate up to 75% LTV at 5.84%; a 5-year fix up to 70% LTV at 5.74%, and up to 75% LTV at 6.08%; as well as a Green 5-year fix up to 75% LTV at 5.98%.
Fleet’s new Green 7-year fixed rate products, available up to 75% LTV, are priced at 5.74% for standard and limited company borrowers, and at 5.88% for HMO borrowers.
This is 0.10% below Fleet’s current Green 5-year fix and comes with a product fee of 3%.
These rate cuts and new products follow the launch of Fleet’s new suite of product transfer products for existing borrowers earlier this month, covering 2- and 5-year fixed-rate options.
These product transfers come with a fee of 2.5%, a 0.50% reduction on the equivalent new business product range.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “We are very pleased to be announcing these new rate cuts across our entire range of 2- and 5-year fixes, plus the launch of our new Green 7-year fix, which is priced below our 5-year offering.
“Competitive pricing on products such as these, plus a strong appetite to lend and excellent service levels, should hopefully appeal to our adviser partners and their landlord clients as they seek finance.
“Fleet is under no illusions that landlord borrowers are facing an affordability challenge following the rise in rates, however as a specialist in this sector, we want to offer plenty of product options to meet their needs, and hopefully this cut to rates will also help deliver lower monthly payments.”
He concluded: “We would urge advisers with landlord clients currently looking for either purchase or refinance options to get in contact with our sales team, in order to explore how Fleet can best support them.”
