Fleet Mortgages is cutting rates and introducing new deals that could make a big difference to your bottom line.
New 2-Year Fixed Rate Deals
Fleet has just launched two new, two-year fixed rate buy-to-let deals for both standard and limited company borrowers. These new deals are available up to 75% LTV (Loan-to-Value) and come with a fixed fee of £5,899 for loans up to £350,000. The interest rate on these new deals is 4.89%, which could be a real game-changer for landlords struggling with higher borrowing costs.
Rate Cuts on Existing Products
Fleet is also slashing rates on some of their existing loans. Their two-year fixed-rate products, available up to 75% LTV for standard and limited company borrowers, have been cut by 10 basis points to 4.99% from 5.09%. These deals come with a 3% fee, with a minimum of £750, and a maximum loan of £1 million. They also come with a free valuation for properties up to £500k.
Lower Rates on 5-Year Fixes
Fleet is also offering lower rates on its five-year fixed-rate deals. Their £3,999 fixed-fee five-year product is now available at 5.39%, while the zero-fee product is available at 5.89%. And their 3% fee product (with a minimum of £750) is now available starting at 4.99%.
What This Means for Landlords
These changes from Fleet mean that landlords have more options than ever when it comes to finding a mortgage deal that works for them. The new two-year fixed rates are particularly exciting, offering a lower rate than many existing deals. And the rate cuts on existing products could help landlords save money on their monthly payments.
Fleet’s Viewpoint
Steve Cox, Chief Commercial Officer at Fleet Mortgages, explained that these new deals are designed to help landlords meet affordability requirements and secure the loans they need. He also noted that the changes reflect a more stable political environment and the expectation of lower interest rates in the future.
What’s Next for Landlords
Fleet is confident that the rest of 2024 will be a good year for the mortgage market, with a significant number of remortgages coming up for maturity. They’re committed to supporting landlords with their buy-to-let lending needs, offering a range of products, including lifetime tracker products and product transfer options for existing borrowers.