Buy-to-let (BTL) specialist lender Fleet Mortgages has cut rates on all 2-year and 7-year fixes across its three core ranges: standard, limited company, and house in multiple occupation (HMO) and multi-unit block (MUB).
The lender cut rates by 20 basis points (bps) across selected products, including a 2-year fix up to 75% loan-to-value (LTV) now at 5.44% for standard and limited company borrowers, a Green 7-year fix up to 75% LTV at 5.54%, and a 2-year fix up to 75% LTV at 5.64% for HMO and MUB borrowers.
All 2-year and 7-year fixes come with a fee of 3% and a revert rate of Bank Base Rate (BBR) plus 3%.
These rate cuts followed cuts to all of Fleet’s 5-year fixed-rate products last week by 20bps, and the launch of a new suite of product transfer products for existing borrowers earlier in September.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Last week we were able to cut the rates on all our 5-year fixed-rates and this week we have been able to do the same across our 2- and 7-year fixed-rate options, which includes our Green seven-year deal for those purchasing or remortgaging a property with an Energy Performance Certificate (EPC) Level of C or above.
“There is clearly still an incentive for landlords to have properties with a higher EPC level, and over the long-term the lower rates available on Green products will provide a significant monthly mortgage cost saving, not forgetting the benefits for tenants in terms of lower utility bill costs.”
He added: “We also continue to offer £1,000 cashback payment to those landlord borrowers who improve the EPC level of their property to a C or above during the course of the initial fixed-rate period, so again there is money to be saved by improving the energy efficiency of a property right now.
“In the last month we have cut rates across our entire fixed-rate range and we have launched a new range of product transfer options.
“Added to Green options for both fixes and Trackers, we believe this presents advisers and their landlord borrowers with a wide range of products to suit their wants and needs.”
