Fleet launches new tracker range alongside price cuts

Fleet Mortgages has announced a range of price cuts across its standard and limited company ranges, as well as launching a new range of Bank Base Rate (BBR) tracker products.

Related topics:  Mortgages
Rozi Jones
29th September 2020
BTL house signs buy to let
"We know that many landlords are weighing up their options currently and assessing whether now is the time to take advantage of a number of things in their favour"

The lender has cut the pricing on all its standard and limited company products by five basis points, with rates starting at 3.19% for its two-year fixes up to 60% LTV, 3.29% for 70% LTV, and 3.44% for 75% LTV.

Fleet is also offering five-year fixed-rate products with both 125% at 5.5% and 125% at pay-rate rental calculation options available. Rates start at 3.54% for five-year fixes at 60% LTV, 3.59% for 70% LTV and 3.69% for 75% LTV.

All revert rates are now linked to BBR, with standard and limited company products reverting to BBR plus 5% (currently 5.1%), and HMO/MUB product reverting to BBR pus 5.25% (currently 5.34%).

Finally, Fleet has launched a range of BBR Tracker products across all three core product ranges with no ERCs payable and free and discounted valuations available to both standard and limited company landlord borrowers.

Standard and limited company rates are available at 3.3% (BBR plus 3.2%) at 60% LTV and 3.55% at 75% LTV. HMO/MUB rates start at 3.46% at 60% LTV and 3.56% up to 75% LTV.

All BBR Tracker products come with a rental calculation of 125% at 5.5% and a 2% fee.

Steve Cox, distribution director of Fleet Mortgages, commented: “We know that many landlords are weighing up their options currently and assessing whether now is the time to take advantage of a number of things in their favour, notably the stamp duty holiday period and access to excellently-priced mortgage products, such as we are able to announce today.

“Cutting the prices of all our standard and limited company products makes them even more attractive and we’ve been able to do this because of the strength of our relationships with our funders, and their appetite to be active in the UK buy-to-let space.

“We are also changing all our revert rates to track BBR which will be easier for customers to understand and provide extra clarity for advisers when explaining our product options.

“In doing this, it has opened up our ability to launch a brand new range of BBR lifetime trackers across our three core product ranges, which, given they come with no ERCs at all, will I’m sure be of interest to many landlord borrowers.

“These product changes and additions reinforce our commitment to the buy-to-let sector and the intermediaries that service landlord borrowers. With free and discounted valuations also available, we are aiming to provide a range and service which will help facilitate a greater number of transactions and help move the market forward in what remains a challenging environment.”

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