FLEET MORTGAGES CUT RATES ON ALL TWO- AND FIVE-YEAR FIXES

22 September 2023

Fleet Mortgages, the buy-to-let specialist lender, has today (22nd September 2023) cut rates on all two- and five-year fixes, as well as launching a new Green seven-year fixed-rate product.

The lender has cut rates by 15 basis points (bps) across all its fixed-rates including:
• Standard/limited company borrowers – two-year fixed rate up to 75% now at 5.64%; five-year fix up to 70% LTV now at 5.54%, and up to 75% LTV at 5.94%; Green five-year fix – for properties with an A-C Energy Performance Certificate (EPC) rating – up to 75% LTV now at 5.84%.
• HMO borrowers - two-year fixed rate up to 75% LTV now at 5.84%; five-year fix up to 70% LTV now at 5.74%, and up to 75% LTV at 6.08%; Green five-year fix up to 75% LTV now at 5.98%.

Fleet’s new Green seven-year fixed rate products, available up to 75% LTV, are priced at 5.74% for standard and limited company borrowers, and at 5.88% for HMO borrowers.

This is 10 bps below Fleet’s current Green five-year fix, and comes with a product fee of 3%.

These rate cuts and new products follow the launch of Fleet’s new suite of product transfer products for existing borrowers earlier this month, covering two- and five-year fixed-rate options. These product transfers come with a fee of 2.5%, a 50 basis points reduction on the equivalent new business product range.

Fleet’s current service levels are 24 hours for assessment of documents, DIP reviews and the turnaround of valuations.

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:

“We are very pleased to be announcing these new rate cuts across our entire range of two- and five-year fixes, plus the launch of our new Green seven-year fix, which is priced below our five-year offering.

“Competitive pricing on products such as these, plus a strong appetite to lend and excellent service levels, should hopefully appeal to our adviser partners and their landlord clients as they seek finance.

“Fleet is under no illusions that landlord borrowers are facing an affordability challenge following the rise in rates, however as a specialist in this sector, we want to offer plenty of product options to meet their needs, and hopefully this cut to rates will also help deliver lower monthly payments.

“We would urge advisers with landlord clients currently looking for either purchase or refinance options to get in contact with our sales team, in order to explore how Fleet can best support them.”