"With these new fixed-rate products we are effectively dropping rates by 70 basis points across the board"
Fleet Mortgages has announced rate cuts across all five and seven-year fixed-rate mortgages at both 65% and 75% LTV.
For standard and limited company products, a 65% LTV five-year fix is now priced at 5.69% (from 6.39%) and the 75% LTV rate is 5.79% (from 6.49%).
Fleet’s 75% LTV five-year fix green mortgage product - available on properties with an EPC rating of C and above – is down from 6.39% to 5.69% and the 75% LTV seven-year fix has dropped from 6.53% to 5.83%.
For HMO and multi-unit block products, five-year fixed rates have reduced by 70bps to 5.83% at 65% LTV and 5.93% at 75% LTV. The 75% LTV five-year green mortgage product is now available at 5.83% and the seven-year fix at 5.93%.
Fleet has also changed its revert rate for all fixed-rate products after the end of the special rate to Bank Base Rate plus 3%. Formerly this was BBR plus 5% for standard and limited company products, and BBR plus 5.25% for HMO/multi-unit blocks.
The lender is also withdrawing its 80% LTV products, with completion fees moved to 2% for all products, and booking fees now at £199 for fixed rates.
Fleet’s range of trackers remain unchanged with 75% LTV products for both standard and limited company available at a rate of BBR plus 1.75% while the HMO/multi-unit block tracker is available at BBR plus 2%.
The recently launched 75% LTV green mortgage tracker products are also still available. They come with a 10-basis points reduction off Fleet’s core Trackers with both standard and limited company offered at BBR plus 1.65%, and HMO/multi-unit block offered at BBR plus 1.9%.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “With these new fixed-rate products we are effectively dropping rates by 70 basis points across the board, and now have a range of five and seven-year fixes with prices all below 6%, some by a considerable margin.
“In recent weeks, we’ve seen a degree of stability return to the markets which means lenders like ourselves can be much clearer about our ability to fund longer-term fixes, which has translated into these significant price cuts.
“At the same time, we’ve also made the decision to withdraw our 80% LTV products – we acknowledge it is difficult to secure higher LTV mortgages at present because of the current rental stress rate environment, but will continue to review our options in this area if we feel there is a demand for such products.
“We’ve also simplified the range in terms of completion fees, shifting all to 2% which we believe is still competitive and inching our fixed-rate booking fees up to £199 after not changing these for the last eight years.
“Overall, we are very pleased to be able to cut rates across our entire fixed-rate product offering and coupled with our unchanged tracker range, believe we have a very strong proposition to support advisers and their landlord borrower clients.”
