Fleet Mortgages has introduced a range of one-year fixed-rate buy-to-let mortgages for landlords seeking shorter-term payment certainty, alongside a 30 basis point reduction to its existing two-year HMO and multi-unit freehold block (MUFB) product.

The new products, available to new and existing borrowers, cover standard buy-to-let, limited company and HMO/MUFB lending, with a maximum loan-to-value (LTV) of 75%.

Standard and limited company borrowers can access a one-year fixed rate of 3.49%, carrying a 2.5% product fee. A free valuation is included for properties valued at up to £500,000.

For HMO and MUFB properties, the lender has introduced a one-year fixed rate of 3.74%, also with a 2.5% fee, together with £1,000 cashback.

All products in the new range carry a 3% early repayment charge during the fixed-rate period, with current product end dates extending to 31 March 2028.

The launch provides an alternative for landlords who want to fix their borrowing costs without committing to a conventional two-year or five-year term. It also expands Fleet’s existing selection of fixed-rate and tracker mortgages.

TWO-YEAR HMO RATE REDUCED

Fleet has also reduced the rate on its two-year fixed-rate HMO/MUFB mortgage at 75% LTV from 5.19% to 4.89%, a reduction of 30 basis points.

The change also applies to the equivalent EPC A-C and product transfer options. The products retain their 3% fee and £1,000 cashback incentive.

Steve Cox, chief commercial officer at Fleet Mortgages, said: “The introduction of these new one-year fixed-rate products adds another option for advisers and their landlord borrower clients at a time when there is still considerable focus on the direction of rates and the increased cost of longer-term fixes.

“We know different landlords have very different requirements, and there will be borrowers who value the payment certainty of a fixed rate but do not necessarily want to make that commitment for two to five years.

“These new products provide that shorter-term alternative across Standard, Limited Company and HMO/MUFB, and importantly they are available to both new and existing customers.

“We have also made a significant 30 basis point reduction to our two-year HMO/MUFB product with a 3% fee, bringing the rate down to 4.89%, while retaining the £1,000 cashback.”

Cox adds: “Professional and portfolio landlords continue to make up a significant part of the buy-to-let market, and advisers need access to a broad range of products to meet what can be very different financing needs.”