Fleet Mortgages is set to introduce a number of rate changes as of tomorrow, Thursday 4th January 2024.
The changes, which go live at 9am, include a reduction of 0.20% on 2-year fixed rate products.
There will also be a reduction of 0.40% on 5-year and 7-year fixed rate products.
In addition, the application fee for Tracker Products has been reduced from £250 to £199.
Nicholas Mendes, mortgages technical manager at John Charcol, said: “It’s great to see other lenders like Hodge and now Fleet repricing today.
“At the end of 2023, and now the start of 2024, there has been a resurgence of confidence in the economy – with growing consensus that we could even see a bank rate decrease as early as March.
“Swaps have remained steady, purchase activity seems to be buzzing again, with more first-time buyers and homeowners ready to commit to a move, and remortgage activity has strengthened on the back of rates falling to reasonable levels.
“Fleet Mortgages’ latest repricing and reduction in application fees will certainly go down well.”
Steve Cox, chief commercial officer at Fleet Mortgages, said: “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, HMO and multi-unit block.
“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.
“This should open up a wide variety of options for advisers and their landlord borrower clients – both purchasing and remortgaging – providing an easing of affordability that can get them the finance they need.”
He added: “The fact we also offer existing borrowers product transfers is also another reason to fully explore the Fleet product proposition.
“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.”
