Fleet Mortgages bring two-year fixes back to market and add new range of five-year fixes
22 February 2023
Fleet Mortgages, the buy-to-let specialist lender, has today (22nd February 2023) brought back its range of two-year fixed-rate products for landlord borrowers, as well as launching a new range of five-year fixes.
From today, advisers will be able to access these new 75% LTV two-year fixes which complement Fleet’s existing range of five- and seven-year fixes, plus its Tracker and Green product options.
Fleet’s new two-year fix for both standard and limited company borrowers is now available at 5.69%, while its two-year fix for HMO and multi-unit block borrowers is available at 5.79%.
The product fee is 2%, with a minimum of £750; the revert rate is Bank Base Rate plus 3% and the ERC end date is the 30th April 2025.
The lender has also launched new five-year fixed-rate products, available up to 70% LTV. Both standard and limited company products are priced at 4.79%, while the HMO/multi-unit block product is available at 4.89%.
These new five-year fixes come with a product fee of 5%, again with a minimum of £750, and Fleet said they have been launched with a higher fee/lower rate to help landlord borrowers meet affordability criteria.
The launch of these two- and five-year fixed-rate products comes after Fleet announced price cuts on all its seven-year fixed-rates at the start of February.
Service levels remain high with Fleet currently assessing documents within 24 hours, conducting same-day DIP reviews and providing valuation turnarounds within 24 hours.
Fleet Mortgages’ product guide and full list of lending criteria is available to view by visiting its website at: www.fleetmortgages.co.uk
Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented:
“Following the turmoil inflicted on the market by last year’s ‘Mini Budget’, we have been looking for a point where we’d be able to reintroduce a two-year fixed range for landlord borrowers, and I’m very pleased to say we have now been able to get there.
“Given the uncertainty around rates, we appreciate this has not been a happy hunting ground for advisers or clients in recent months, but the launch of these new 75% LTV two-year fixes should hopefully provide a further boost in product options and choice for those looking for shorter-term certainty when it comes to their monthly mortgage payments.
“At the same time, we have also been able to launch new five-year fixes with lower rates and a higher fee, as we know there is significant demand for such products against the backdrop of landlords seeking to meet affordability criteria, in order to get the level of loans they want and need. These five-year fixes will run alongside the rest of the range which come with our standard product fees.
“We’ll continue to review the buy-to-let market in its entirety, and take heed of adviser feedback, in order to support landlord clients. This will not be the last you hear from Fleet so look out for further enhancements in the weeks to come.”
