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FLEET MORTGAGES REDUCES RATES ON ALL FIVE-YEAR FIXES

29 September 2023

Fleet Mortgages, the buy-to-let specialist lender, has today (29th September 2023) cut rates on all five-year fixes across its three core ranges: standard, limited company and HMO/multi-unit block.

The lender has cut rates by 20 basis points (bps) across these products including:
• Standard/limited company borrowers – five-year fix up to 70% LTV now at 5.34%, and up to 75% LTV at 5.74%; Green five-year fix – for properties with an A-C Energy Performance Certificate (EPC) rating – up to 75% LTV now at 5.64%.
• HMO/MUB borrowers - five-year fix up to 70% LTV now at 5.54%, and up to 75% LTV at 5.88%; Green five-year fix up to 75% LTV now at 5.78%.

The 70% LTV five-year fixes all come with a fee of 5%, while all other products come with a fee of 3%, and a revert rate of Bank Base Rate plus 3%.

These rate cuts 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:

“With a greater degree of confidence in the future trajectory of rates, and some belief that we may have reached a peak – or at least are close to it – we’ve been able to reflect this in these new product rates, all 20 basis points off their previous levels.

“We’re acutely aware that lowering rates in this way eases some of the affordability challenges facing landlords, and we believe this range of longer five-year fixes will secure some considerable cut-through for those landlord borrowers who are either seeking purchase or remortgage finance.

“With our new PT suite of products also in place, advisers can have great confidence in recommending Fleet, not just for the here and now but also for the future. We’re looking forward to working with advisers to get the best outcomes for their clients.”