Fleet Mortgages cuts rates and offers pay-rate rental calculation on all five-year products

26 March 2021

Fleet Mortgages, the buy-to-let specialist lender, has today (26th March 2021) announced a range of price cuts on a selection of two- and five-year fixed-rates and removed all non-pay-rate five-year products.

The changes come in response to intermediary feedback and in order to simplify the range, and also mean the lender has temporarily removed all 70% LTV standard and limited company five-year pay-rate products.

Price cuts include:

• 65% LTV – two-year standard and limited company fixed rates cut by five basis points from 3.09% to 3.04% with a rental calculation of 125% at 5.5%.
• 75% LTV – five-year standard and limited company fixed rates cut by five basis points from 3.64% to 3.59% with a rental calculation of 125% at 3.59%. This now positions the 75% LTV products at the same rate as the previous 70% LTV products which have been removed.

Fleet said the decision to offer all five-year standard and limited company products at pay-rate will support those landlord borrowers seeking to borrow more in order to add, or refinance, properties within the portfolio.

Fleet’s full range of products plus details on all its criteria and current service levels can be found by visiting: www.fleetmortgages.co.uk

Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented:

“Listening to our intermediary partners is what we do at Fleet, and it’s become obvious from feedback that advisers would welcome these price cuts and would see the benefit in being able to offer landlord borrowers five-year fixes based on a pay-rate rental calculation. It opens up opportunities for those landlords who want to borrow more over a longer-term and have the certainty of a fixed rate for those five years. We’ve had a very busy few months, and with the Government extension to the stamp duty holiday deadline having now been announced, we anticipate further ongoing demand from those landlords seeking to refinance existing properties in order to add more to their portfolios. Our current service levels are all under 24 hours, and we are here to support advisers in turning around their cases as quickly as possible.”