FLEET MORTGAGES CUTS RATES ON TWO-YEAR FIXES AND LAUNCHES NEW SEVEN-YEAR GREEN PRODUCT

10 May 2023

Fleet Mortgages, the buy-to-let specialist lender, has today (10th May 2023) announced reduced rates across its two-year fixed-rate products and the launch of a new Green seven-year fix.

All two-year fixes within Fleet’s standard, limited company and HMO/MUFB (Multi-Unit Freehold Block) range have been reduced by 20 basis points.

It means the standard and limited company 75% LTV two-year fixes are now priced at 5.29%, and come with a 2% fee, while the HMO/MUFB 75% LTV two-year fix is now priced at 5.39%, also with a 2% fee.

Fleet is also launching a new Green seven-year fixed-rate product – for those properties rated EPC Level C and above – with a rate of 4.99% (75% LTV) for standard and limited company borrowers, and 5.09% for HMO/MUFB.

The fee for these seven-year options is 2%, a reduction of 1% on Fleet’s previous non-Green seven-year fixed-rate which is replaced by this new product.

The lender also offers a range of five-year fixes with 65/70/75% LTV options, as well as a Green five-year fix (at 75% LTV), plus a Tracker and Green Tracker product, also available up to 75% LTV.

Service levels remain good with Fleet currently assessing documents within five days, conducting same-day DIP reviews and providing valuation turnarounds also within five days.

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:

“In February we were able to bring two-year fixes back to the market and since then, as rates have stabilised further, we have been able to cut our pricing and are very pleased to be able to announce these further reductions of 20 basis points.

“As advisers will know, meeting affordability for landlord borrowers remains a high priority, and these price cuts should make that even more achievable for those clients who want a shorter-term deal.

“At the same time, we have launched a new Green seven-year fixed-rate option with a reduced fee of 2%. Rates on this product start below 5% for standard and limited company borrowers, who are purchasing or refinancing a property with an A-C EPC level, and this can give them long-term certainty in terms of mortgage payment, while benefiting from the energy efficiency of the property.

“Overall, we continue to look at our range in light of a number of factors and we believe our fixed and tracker options will appeal to a wide range of landlord borrowers.”