"With a greater degree of confidence in the future trajectory of rates, and some belief that we may have reached a peak – or at least are close to it – we’ve been able to reflect this in these new product rates"
Buy-to-let lender, Fleet Mortgages, has cut rates on all five-year fixes across its three core ranges: standard, limited company and HMO/multi-unit block.
For standard and limited company borrowers, five-year fixed rates now start at 5.34% up to 70% LTV and 5.74% up to 75% LTV. Green five-year fixes – for properties with an A-C Energy Performance Certificate (EPC) rating have reduced to 5.64% at 75% LTV.
For HMO/MUB borrowers five-year fixes have reduced to 5.54% at 70% LTV and 5.88% at 75% LTV, while a 75% LTV green five-year fix has lowered to 5.78%.
70% LTV five-year fixes all come with a fee of 5%, while all other products come with a fee of 3% and a revert rate of Bank Base Rate plus 3%.
The rate cuts 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. These 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: “With a greater degree of confidence in the future trajectory of rates, and some belief that we may have reached a peak – or at least are close to it – we’ve been able to reflect this in these new product rates, all 20 basis points off their previous levels.
“We’re acutely aware that lowering rates in this way eases some of the affordability challenges facing landlords, and we believe this range of longer five-year fixes will secure some considerable cut-through for those landlord borrowers who are either seeking purchase or remortgage finance.
“With our new PT suite of products also in place, advisers can have great confidence in recommending Fleet, not just for the here and now but also for the future. We’re looking forward to working with advisers to get the best outcomes for their clients.”