"There will always be a strong cohort of landlord borrowers who want monthly mortgage payment certainty, and the only way they can secure this is via a fixed-rate mortgage, whether two- or five-year"
- Steve Cox - Fleet Mortgages
Buy-to-let specialist lender Fleet Mortgages has announced price cuts of 15 basis points to a variety of two- and five-year fixed-rate products.
For its 75% LTV two-year fixes, the following cuts have been made:
Standard/Limited Company: The product for those purchasing or remortgaging a property with an EPC rating of A-C has been reduced from 4.29% to 4.14%, while the equivalent non-EPC A-C product has been reduced from 4.39% to 4.24%. Both come with a 3% fee, with a minimum of £750.
Standard/Limited Company: The fixed-fee product of £5,499 has been reduced from 4.89% to 4.74%.
HMO/MUFB – the 3% fee EPC A-C product has been cut from 4.49% to 4.34%; the equivalent non-EPC A-C product has been cut from 4.59% to 4.44%. The £1,999 fixed-fee product rate has been cut from 5.79% to 5.64%.
Fleet has also reduced rates across its five-year fixes for both 65% and 75% LTV products. The new Standard/Limited Company 65% LTV rates with zero completion fees have been cut from 5.49% to 5.34%; the 75% LTV rates with zero completion fees have been cut from 5.59% to 5.44%.
For those 75% LTV five-year fixes, which come with fees, the following cuts have been made:
Standard/Limited Company: The product for those purchasing or remortgaging a property with an EPC rating of A-C has been reduced from 4.89% to 4.74%, while the equivalent non-EPC A-C product has been reduced from 4.99% to 4.84%. Both come with a 3% fee, with a minimum of £750.
HMO/MUFB – the 3% fee EPC A-C product has been cut from 5.29% to 5.14%; the equivalent non-EPC A-C product has been cut from 5.39% to 5.24%.
“Market rate movements in recent weeks have been trending downwards in anticipation of future cuts by the Bank of England," explained Fleet Mortgages chief commercial officer, Steve Cox. "Last week’s UK inflation figures appear to cement that trend which may well see action being taken at next month’s MPC meeting.
“Given these movements and the strength of our funding model, Fleet is able to make today’s announcement and we are very pleased to be cutting rates by 15 basis points across a wide variety of both 65% and 75% LTV two- and five-year fixes, with different fee structures – percentage-based, fixed-fee and some with no completion fees at all.
He added, “There will always be a strong cohort of landlord borrowers who want monthly mortgage payment certainty, and the only way they can secure this is via a fixed-rate mortgage, whether two- or five-year.
“These new rates are highly competitive and should allow advisers to present a positive mortgage picture to their landlord borrower clients, and to help them either fund a new purchase or refinance their current deals to secure their portfolio ambitions over the next two- or five-year period.”
