Fleet Mortgages cuts five-year fixed rates

Specialist buy-to-let lender, Fleet Mortgages, has cut rates on a number of its five-year fixed rate products.

The lender has cut the rates on 75% LTV standard, limited company and HMO/MUB fixed rates with a 3% fee.  

The products have been reduced by 15 basis points, with a new rate of 5.14% for both standard and limited company and a rate of 5.54% for HMO/MUB. 

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “The rate environment over the last few weeks, particularly in the swap markets, has been fairly turbulent. However, given the way we are funded, Fleet is able to move product pricing even when the wider buy-to-let market might be going in the other direction. We’ve been able to do that today with these new cuts to our specific five-year fixes which come with a 3% fee, bringing them down by a significant 15 basis points.

“There may have been a lot of noise around the stamp duty changes announced at the Budget, but landlords are a pragmatic bunch, and continue to understand the demand/supply imbalance within the private rental sector, and what this can mean for their existing portfolio, and the ongoing opportunities to secure greater levels of yield and profitability from any new additions.

“In that sense property – at the right price – is going to remain an attractive investment and an asset class that can continue to reward over the medium- to long-term. Available for standard, limited company and HMO/MUB landlords, these price cuts will help borrowers in meeting affordability, whether remortgaging existing properties or looking to purchase.”