Fleet cuts rates on all two and seven-year fixes

Green seven-year fixed rates are among the products seeing a 20bps reduction.

Related topics:  Mortgages,  Buy-to-let
Rozi Jones | Editor, Barcadia Media Limited
4th October 2023
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"We also continue to offer £1,000 cashback payment to those landlord borrowers who improve the EPC level of their property to a C or above during the course of the initial fixed rate period"

Fleet Mortgages has cut rates on all two and seven-year fixes across its three core buy-to-let ranges: standard, limited company and HMO/multi-unit block.

The lender has cut rates by 20 basis points, with standard and limited company two-year fixed rates now starting from 5.44% at 75% LTV and a green seven-year fix – for properties with an A-C Energy Performance Certificate (EPC) rating – now at 5.54% up to 75% LTV.

For HMO/MUB borrowers, a two-year fix up to 75% LTV now starts at 5.64% and a green seven-year fix has reduced to 5.68%.

All two and seven-year fixes come with a fee of 3% and a revert rate of Bank Base Rate plus 3%.

These rate cuts follow the cutting of all Fleet’s five-year fixed rate products last week by 20bps, and the launch of a new suite of product transfer products for existing borrowers earlier in September.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “Last week we were able to cut the rates on all our five-year fixed-rates and this week we have been able to do the same across our two and seven-year fixed-rate options, which includes our green seven-year deal for those purchasing or remortgaging a property with an EPC Level of C or above.

“There is clearly still an incentive for landlords to have properties with a higher EPC level, and over the long-term the lower rates available on green products will provide a significant monthly mortgage cost saving, not forgetting the benefits for tenants in terms of lower utility bill costs.

“We also continue to offer £1,000 cashback payment to those landlord borrowers who improve the EPC level of their property to a C or above during the course of the initial fixed rate period, so again there is money to be saved by improving the energy efficiency of a property right now.

“In the last month we have cut rates across our entire fixed rate range and we have launched a new range of product transfer options. Added to green options for both fixes and trackers, we believe this presents advisers and their landlord borrowers with a wide range of products to suit their wants and needs.”

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