Fleet Mortgages has announced a series of price cuts to 75% LTV HMO/multi-unit freehold block (MUFB) products.
For two-year fixed-rate HMO/MUFB products, a £1,999 fixed-fee mortgage has seen a 0.15% reduction to 5.49% from 5.64%. The maximum loan size is £750,000.
A two-year product with a 3% fee (minimum £750) is down by 10bps to 4.24% for properties with an A-C EPC level and 4.34% for properties with a D and below EPC level.
A zero fee mortgage has also seen a 10bps cut to 5.89% from 5.99%.
In Fleet's five-year fixed rate range, rates have reduced by 0.10% with the £3,999 fixed-fee mortgage down to 5.19%, the 3% fee mortgage down to 4.89% at A-C EPC level and 4.99% at D and below, with the fee-free product down to 5.54%.
End dates have been extended to 28th February of the relevant year and all products come with £1,000 cashback and a £199 application fee.
The HMO rate reductions follow Fleet’s launch of three new 65% LTV two-year fixed rate products earlier in September. All three products are available within the lender’s standard borrower range and come with cashback of £1,000, no application fee and a free valuation on properties up to £500,000.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “HMOs and MUFBs remain a core part of many professional landlords’ portfolio strategies, so we’re pleased to make meaningful cuts across both our two and five-year 75% LTV range. We have lowered pricing on all fee options and, combined with £1,000 cashback, these products are designed to support both purchase and remortgage customers who want certainty and flexibility in equal measure.
“These reductions build on our recent launch of new standard 65% LTV two-year fixes and underline Fleet’s commitment to offering competitively-priced products backed by consistent service. We know advisers need options that work for different client strategies and cashflows, and we’ll keep responding quickly to market conditions so advisers and their landlord clients can move with confidence.”
