Fleet Mortgages, the buy-to-let specialist lender, has reduced product rates across its entire range of 2-year and 5-year fixed-rate products.
All 2- and 5-year fixes within Fleet’s standard, limited company and HMO/MUFB (Multi-Unit Freehold Block) range have been reduced by 0.20%.
The product range now includes: 75% loan-to-value (LTV) 2-year fixes for both standard and limited companies at 5.49%, with the HMO/MUFB 2-year fix at 5.59%.
Additionally, the lender also introduced 5-year fixes for standard and limited company borrowers now at 5.09% (65% LTV) and 5.19% (75% LTV) while the HMO/MUFB equivalent products are now priced at 5.23% (65% LTV) and 5.33% (75% LTV).
Green 5-year fixed-rate product – for those properties rated EPC level C and above – have also been reduced to 5.09% (75% LTV) for standard and limited company, and 5.23% for HMO/MUFB.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Last month we were able to bring 2-year fixes back to our range, and this month due to a combination of factors including a softening of swap rates and further movement within the sector, we’ve been able to reduce our fixed-rate pricing across the board by 20 basis points.
“The recent Budget, and in particular the Office for Budget Responsibility’s inflation and interest rate forecasts appear to have added a further layer of calm to market sentiment, with the belief that rates will now peak at a lower level than previously feared.
“It means we’ve been able to review our pricing and cut it accordingly, which we believe will make these fixes – which many landlords want in order to have payment certainty over the time period – more attractive, and will provide further options for advisers and their buy-to-let clients.
“Our service levels remain very strong and we’re here to support advisers with all their buy-to-let needs as we move into, what is traditionally, the busier Spring period.”
All the above products come with a 2% fee, except Fleet’s 70% LTV 5-year fix which has a 5% fee (minimum £750) and has also been reduced.
It is now priced at 4.59% for standard and limited company borrowers, and 4.69% for HMO/MUFB.
Service levels remain high with Fleet currently assessing documents within 48 hours, conducting same-day DIP reviews and providing valuation turnarounds within 48 hours.
