Good news for buy-to-let landlords and anyone considering joining the property ladder: mortgage rates are going down!

Two of Britain’s big lenders have just reduced their rates, making it cheaper to borrow and potentially boosting your profits.

Fleet Mortgages, a popular choice for landlords, has just announced cuts to their fixed-rate mortgages for both individual and limited company borrowers. These cuts apply to both two-year and five-year fixed-rate deals where you’re borrowing 75% or less of the property’s value.

Here’s how much you could save:

• Two-Year Fixed Rate: The popular two-year fixed-rate mortgage with a 3% fee has plummeted from 4.99% to just 4.69%! That’s a significant saving on your monthly payments.
• Five-Year Fixed Rate: Need the security of knowing your rate for longer? The five-year fixed-rate mortgage, with no fee, is now a tempting 5.74%, down from 5.89%.

Steve Cox, the boss at Fleet, said these cuts are all about helping landlords get the best deal in a tough market. He hinted that more cuts could be on the way, so keep your eyes peeled!

The Mortgage Works Joins the Price War

The Mortgage Works (TMW) is also getting in on the action, making it even cheaper for landlords to switch their mortgages and potentially save.

Check out these deals:

• Two-Year Fixed Rate: Bag a two-year fix at just 3.79% (with a 3% fee) if you’re borrowing up to 65% of the property’s value. That’s a 0.05% drop.
• Three-Year Fixed Rate: The three-year fix, also with a 3% fee and up to 65% LTV, now sits at a very competitive 3.84% (down 0.05%).
• Five-Year Fixed Rate: Want to lock in a rate for longer? TMW’s five-year fix at 3.84% (3% fee, up to 65% LTV) is also down by 0.05%.

Joe Avarne, at TMW, said these cuts are part of their plan to help landlords manage their money more effectively.