With landlord buying patterns constantly changing due to the pandemic, the lender has moved all 60% LTV products up to 65% LTV and specifically cut rates on those five-year fixes - standard and limited company products - where its rental calculation is based on the payrate.
Fleet says that the five-year fix payrate products are the same for both standard and limited company borrowers and include:
65% LTV – rates cut by fifteen basis points from 3.59% to 3.44% with a rental calculation of 125% at 3.44%.
70% LTV – rates cut by six basis points from 3.65% to 3.59% with a rental calculation of 125% at 3.59%.
75% LTV – pay-rate product rate cut by fifteen basis points from 3.79% to 3.64% with the rental calculation of 125% at 3.64%.
The lender adds that the payrate cuts would allow landlord borrowers to secure market-leading loan amounts at competitive rates not available on other standard products.
Fleet has also cut rates on its two-year fixes with both its new 65% LTV product down to 3.09% from 3.19%, its 70% LTV down to 3.24% from 3.29% and its 75% LTV down to 3.34% from 3.44%.
The HMO range sees a series of price cuts as well including:
Two-year fixes – 65% LTV down to 3.39% from 3.49% and 75% LTV down to 3.69% from 3.79%.
Five-year fixes - 65% LTV down to 3.59% from 3.79% and 70% LTV down to 3.79% from 3.84%.
All revert rates are linked to BBR, reverting to BBR plus 5% (currently 5.1%) for standard and limited company, and BBR plus 5.25% (currently 5.35%) for HMOs.
All initial rate end dates for all products remain the same at either 30th April 2023 or 30th April 2026, and all fees remain the same on all products.
Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented: “We keep our product range and pricing under constant review and we’re able to announce these price cuts right across our two- and five-year products in our standard, limited company and HMO ranges. Given the landlord focus on ensuring access to excellent maximum loan amounts – in both the purchase and remortgage space – we believe our price cuts to our payrate products will be of great interest to advisers and their landlord clients.
“Compared to our competitors, we believe these cuts mean our product rates are extremely attractive and will allow landlords to secure the higher loan amounts they want and need at an excellent price. Coupled with our commitment to maintaining the highest service levels – we are currently assessing documents within 24 hours, conducting same-day DIP reviews and turning around valuations within 24 hours – we believe the Fleet Mortgages proposition is well worth a look.”
