Fleet Mortgages cuts all two and five-year fixed rates

Fleet Mortgages has cut rates on all buy-to-let two and five-year fixes by 15bps, as well as launching a new green seven-year fixed rate product.

For standard/limited company borrowers, two-year fixed rates up to 75% LTV now start at 5.64%, while five-year fixes up to 70% LTV have reduced to 5.54% and up to 75% LTV to 5.94%. In addition, a green five-year fix – for properties with an A-C EPC rating - now starts at 5.84% up to 75% LTV.

HMO borrowers can now access a two-year fixed rate up to 75% LTV at 5.84%, five-year fixes at 5.74% up to 70% LTV and 6.08% up to 75% LTV, as well as a green five-year fix up to 75% LTV at 5.98%.

Fleet’s new green seven-year fixed rate products, available up to 75% LTV, are priced at 5.74% for standard and limited company borrowers and at 5.88% for HMO borrowers. This is 10 bps below Fleet’s current green five-year fix, and comes with a product fee of 3%.

These rate cuts and new products follow the launch of Fleet’s new suite of product transfer products for existing borrowers earlier this month, covering two and five-year fixed-rate options. Product transfers come with a fee of 2.5%, a 50 basis points reduction on the equivalent new business product range.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “We are very pleased to be announcing these new rate cuts across our entire range of two and five-year fixes, plus the launch of our new green seven-year fix, which is priced below our five-year offering.

“Competitive pricing on products such as these, plus a strong appetite to lend and excellent service levels, should hopefully appeal to our adviser partners and their landlord clients as they seek finance.

“Fleet is under no illusions that landlord borrowers are facing an affordability challenge following the rise in rates, however as a specialist in this sector, we want to offer plenty of product options to meet their needs, and hopefully this cut to rates will also help deliver lower monthly payments.

“We would urge advisers with landlord clients currently looking for either purchase or refinance options to get in contact with our sales team, in order to explore how Fleet can best support them.”