"We believe our price cuts to our payrate products will be of great interest to advisers and their landlord clients."
As part of its product changes, Fleet has moved all 60% LTV products up to 65% LTV and has also specifically cut rates on those five-year fixes - standard and limited company products - where its rental calculation is based on the payrate.
The five-year fix payrate products are the same for both standard and limited company borrowers and have been cut by up to 15bps. At 65% LTV, rates have been cut from 3.59% to 3.44%, at 70% LTV from 3.65% to 3.59% and at 75% LTV from 3.79% to 3.64%.
The lender has also cut rates on its two-year fixes with both its new 65% LTV product down to 3.09% from 3.19%, its 70% LTV down to 3.24% from 3.29% and its 75% LTV down to 3.34% from 3.44%.
Across Fleet's HMO range, two-year fixed rates have been cut by 10bps and are now available at 3.39% up to 65% LTV and 3.69% up to 75% LTV. Five-year fixes have been cut from 3.79% to 3.59% at 65% LTV and from 3.84% to 3.79% at 70% LTV.
All revert rates are linked to BBR, reverting to BBR plus 5% (currently 5.1%) for standard and limited company, and BBR plus 5.25% (currently 5.35%) for HMOs.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “We keep our product range and pricing under constant review and we’re able to announce these price cuts right across our two and five-year products in our standard, limited company and HMO ranges.
"Given the landlord focus on ensuring access to excellent maximum loan amounts – in both the purchase and remortgage space – we believe our price cuts to our payrate products will be of great interest to advisers and their landlord clients."
