"We might call this a growing ‘Track to Fix’ approach, as some landlords will feel falling inflation and swap rates also dropping is likely to herald further cuts to fixed rate pricing"
- Steve Cox, chief commercial officer at Fleet Mortgages
Fleet Mortgages has cut rates on selected tracker and green tracker buy-to-let products, as well as on a number of two-year fixes.
The buy-to-let lender has cut rates by 50 basis points on standard and limited company tracker products, with the tracker reduced to BBR plus 1.25%, currently at 6.5%, and the green tracker – for properties with an EPC rating of A-C - reduced to BBR plus 1.15%, currently 6.4%
All Fleet’s tracker products are available up to 75% LTV, come with a 2% fee (minimum £750), and have no early repayment charges.
Fleet also continues to offer landlord borrowers a £1,000 cashback payment if they improve the EPC level of the property to a C or above during the course of the initial fixed rate period.
Fleet is also cutting rates across its standard and limited company two-year fixed rate products – both have been cut by 20 basis points, with the rate now 5.24%, available up to 75% LTV. The products come with a fee of 3% (minimum £750) with an ERC of 3% in the first year and 2% in the second.
The lender’s two-year fix for HMO and multi-unit block borrowers remains unchanged at 5.64%, also available up to 75% LTV.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “Swap rates, market competition and a growing interest in tracker products themselves has allowed us to reassess our pricing across both our standard and limited company products, and our two-year fixes within those two ranges.
“It is interesting to see growing activity in the tracker space, as landlord borrowers look at flexible, shorter-term products that will allow them to change products in the future without any ERCs.
“We might call this a growing ‘Track to Fix’ approach, as some landlords will feel falling inflation and swap rates also dropping is likely to herald further cuts to fixed rate pricing throughout next year which they will be able to take advantage of at a later date.
“Other borrowers might simply want the certainty of a shorter-term fix and again we’ve been able to cut our two-year fixes to support advisers with this type of landlord client.
“This is further positive news for landlord borrowers, and we’re here to support all advisers active in the buy-to-let space as they seek the right financial solutions for both refinancing and purchasing clients.”
