Fleet cuts two-year fixes and launches new seven-year green product

Fleet Mortgages has reduced rates across its two-year fixed-rate products and launched a new green seven-year fixed rate.

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

Standard and limited company 75% LTV two-year fixes are now priced at 5.29% and come with a 2% fee, while the HMO/MUFB 75% LTV two-year fix is now priced at 5.39%, also with a 2% fee.

Fleet is also launching a new green seven-year fixed-rate product – for those properties rated EPC Level C and above – with a rate of 4.99% at 75% LTV for standard and limited company borrowers and 5.09% for HMO/MUFB.

The fee for these seven-year options is 2%, a reduction of 1% on Fleet’s previous non-green seven-year fixed-rate which is replaced by this new product.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “In February we were able to bring two-year fixes back to the market and since then, as rates have stabilised further, we have been able to cut our pricing and are very pleased to be able to announce these further reductions of 20 basis points.

“As advisers will know, meeting affordability for landlord borrowers remains a high priority, and these price cuts should make that even more achievable for those clients who want a shorter-term deal.

“At the same time, we have launched a new Green seven-year fixed-rate option with a reduced fee of 2%. Rates on this product start below 5% for standard and limited company borrowers, who are purchasing or refinancing a property with an A-C EPC level, and this can give them long-term certainty in terms of mortgage payment, while benefiting from the energy efficiency of the property.

“Overall, we continue to look at our range in light of a number of factors and we believe our fixed and tracker options will appeal to a wide range of landlord borrowers.”