Fleet cuts all two and five-year buy-to-let rates

Fleet Mortgages has announced reduced product rates across its entire range of two-year and five-year fixed-rate buy-to-let products.

All two and five-year fixes within Fleet’s standard, limited company and HMO/MUFB range have been reduced by 20 basis points.

75% LTV two-year fixes for both standard and limited company now start at 5.49%, with the HMO/MUFB two-year fix at 5.59%.

Five-year fixes for standard and limited company borrowers have reduced to 5.09% at 65% LTV and 5.19% at 75% LTV, while the HMO/MUFB equivalent products are now priced at 5.23% and 5.33% respectively.

Green five-year fixed-rates have also been reduced to 5.09% at 75% LTV for standard and limited company, and 5.23% for HMO/MUFB.

All the above products come with a 2% fee, except Fleet’s 70% LTV five-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.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “Last month we were able to bring two-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.”