Fleet Mortgages has made a selection of rate cuts and also launched two new five-year, 75% LTV fixes for both standard and limited company landlord borrowers.
The lender has made a 20 basis points (bps) reduction to its standard 75% LTV five-year fix for individual landlord borrowers, with a new rate of 5.14% from 5.34%; plus a 35bps reduction for the same product for limited company borrowers, also now available at a rate of 5.14%, down from 5.49%. Both products come with a 3% fee (minimum of £750).
The two new products, available at 75% LTV for both standard and limited company borrowers, are priced at 5.69% and come with a fixed fee of £3,999. The maximum loan available is £500k, and the end date for the products is 31st October 2029.
Both new products come with a rental calculation of 125% at 5.69% for basic tax payers and 145% at 5.69% for higher rate tax payers. Free valuations are available for properties valued up to £500k, and are discounted for values above this.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “We’re very pleased to be cutting rates on our existing five-year fixes for standard and limited company borrowers while also launching these new fixed-fee product options. The price cuts are significant and will represent a positive monthly cost saving over the term of the mortgage.
“These fixed-fee products should also prove popular, particularly for landlords seeking larger loans, plus we continue to offer free valuations on properties valued up to £500k which is designed to keep those upfront costs down.
“I’ve often spoken about how business activity improves the closer we get to 5% pricing in the buy-to-let sector, and clearly we are not a million miles away from such levels now. We anticipate a great deal of borrower interest in these repriced and new products, and we’re here to support advisers with their landlord clients as they seek to ensure they can meet affordability, secure the loans they need, and continue to stay invested in the private rental sector.”
