Fleet Mortgages cut prices on five-year fixes

Fleet Mortgages, the buy-to-let specialist lender, has today announced a range of price cuts across its five-year fixed-rate mortgage range.

The five-year fixed rates available are the same for both standard and limited company borrowers and include:

  • 60% LTV – rates cut by five basis points from 3.54% to 3.49% with a rental calculation of 125% at 5.5%, while Fleet’s pay-rate product is cut from 3.69% to 3.59% with the rental calculation of 125% at 3.59%.
  • 70% LTV – rates cut by five basis points from 3.59% to 3.54% with a rental calculation of 125% at 5.5%, with Fleet’s pay-rate product rate is cut from 3.75% to 3.65% with the rental calculation of 125% at 3.59%.
  • 75% LTV – pay-rate product rate cut by six basis points from 3.85% to 3.79% with the rental calculation of 125% at 3.79%; Fleet’s other five-year 75% LTV product remains at 3.69%.

All revert rates are linked to BBR, reverting to BBR plus 5% (currently 5.1%).

The lender has also changed its initial rate end dates for all products to the 30th April 2023 for two-year deals and the 30th April 2026 for five-year.

These price changes follow a number of criteria changes introduced by Fleet at the end of last year including the re-introduction of a maximum loan size of £2m (up from £1.5m) at a maximum LTV of 5% for standard and limited buy-to-let products, plus the lender also reduced the time the primary applicant for the mortgage must have owned a standard buy-to-let, HMO or MUB property down from two years to one.

Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented: “We believe it’s important to start the year as you mean to go on, and one of the ways we can wish our intermediary partners (and their clients) a very happy new year, is with these product rate cuts and a continued focus on criteria amends in order to offer as much flexibility as we can to landlord borrowers. 2021 is shaping up to be a significant year in the buy-to-let market and private rental sector, and these rate cuts for both standard and limited company borrowers should help those who might wish to add to portfolios or are seeking to refinance properties in their portfolio.

“Service is a key part of the overall advice decision and we remain committed to working through documents and assessing cases as quickly as possible. At the time of writing, we are reviewing all documents within three days, conducting same-day DIP reviews, and committing to a valuation turnaround within two days. Our service levels are fully transparent and updating continuously on the Fleet Mortgages website, and we believe that – coupled with our excellent rates and market knowledge – advisers will find plenty of compelling reasons to use us in the months ahead.”