Fleet Mortgages has made a significant move by reducing rates across all their two and five-year fixed-rate buy-to-let mortgages by 15bps (0.15%). This initiative is not just a number game, but a strategic move to make property investments more accessible and affordable.
Details of the New Rates:
- For Standard and Limited Company Borrowers:
- Two-year fixed rates up to 75% LTV (Loan to Value) have been adjusted to start at 5.64%.
- Five-year fixed rates are now as follows:
- Up to 70% LTV at 5.54%
- Up to 75% LTV at 5.94%
- For HMO (House in Multiple Occupation) Borrowers:
- Two-year fixed rates up to 75% LTV are now available at 5.84%.
- Five-year fixed rates have been set as:
- Up to 70% LTV at 5.74%
- Up to 75% LTV at 6.08%
Going Green: Fleet’s Sustainable Offerings
Taking a step towards environmentally conscious lending, Fleet Mortgages has introduced special rates for properties that meet certain energy efficiency criteria.
- Green Five-Year Fixed Rate:
- This rate, designed for properties with an EPC (Energy Performance Certificate) rating between A and C, begins at 5.84% for up to 75% LTV.
- Green Seven-Year Fixed Rate:
- Newly introduced, this seven-year fixed rate product is available up to 75% LTV.
- For standard and limited company borrowers, the rate is 5.74%.
- HMO borrowers can avail it at 5.88%.
- Impressively, this seven-year offer is priced 10bps (0.10%) below Fleet’s current green five-year fix.
- Do note, however, that this product comes with a fee of 3%.
Other Noteworthy Changes
- Product Transfers for Existing Borrowers: Fleet Mortgages hasn’t forgotten about its existing clientele. Following the introduction of their new suite of product transfer options, existing borrowers can now avail two and five-year fixed-rate options. What’s more, these product transfers come with a reduced fee of 2.5%, marking a 50 basis points reduction from their equivalent new business product range.
Why the Change? Insights from Fleet Mortgages
Steve Cox, the Chief Commercial Officer at Fleet Mortgages, shed light on the company’s decision, emphasizing their commitment to supporting property investors.
Cox expressed their pleasure in announcing the rate cuts across two and five-year fixes, along with the new green seven-year offering, which is priced even more competitively than their five-year variant.
He mentioned the company’s dedication to competitive pricing, their strong lending appetite, and their commitment to top-notch service levels. Recognizing the affordability challenges that landlord borrowers face, especially after recent rate rises, Fleet aims to offer diverse product options to meet these needs.
Urging advisers with landlord clients in search of purchase or refinance options, Cox emphasized Fleet’s readiness to assist and guide in making the best financial decision.