Fleet Mortgages unveils rates cuts

Published on

Fleet Mortgages has made a number of price reductions across all three of its core areas of lending – standard, limited company/LLP, and HMO/multi-unit freehold block (MUFB).

The price reductions are as follows:

  • Standard – five-year fixes at 65% LTV now priced at 2.89% from 2.99% and at 75% LTV now priced at 2.99% from 3.09%.
  • Limited company/LLP – five-year fixes at 65% LTV now priced at 2.95% from 2.99% and at 75% LTV now priced at 2.99% from 3.09%.
  • HMO/MUFB – two-year fix at 75% LTV now priced at 3.09% from 3.19% and five-year fix at 75% LTV now priced at 3.29% from 3.44%. The 65% LTV options for both two- and five-year fixes have been discontinued.

All of Fleet’s five-year fixed-rate product options are offered with a rental calculation based on 125% at the pay-rate, while the HMO/MUFB two-year fix is offered at 125% at 5.5%.

In November, last year Fleet introduced 80% LTV options for both standard and limited company/LLP borrowers – the 80% two-year fix for standard and limited company/LLP borrowers remains priced at 3.89%, while the five-year fix is priced at 4.15%. Both come with a 2% fee.

Fleet also offers lifetime tracker products across all three core ranges with rates starting at 3.19% (65% LTV) for standard and limited company/LLP borrowers, and 3.49% (65% LTV) for HMO/MUFB. All lifetime trackers come with a 2% fee and no early repayment charges.

Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “It’s important for us to start the year with intent, and therefore we are very pleased to be able to reprice a number of two and five-year fixes, across all three of our core ranges. We’ve undoubtedly seen a growth in demand and interest for five-year fixed-rate options and we’ve been able to respond by cutting rates by up to 10 basis points for these in both our standard and limited company/LLP ranges.

“We’ve also decided to discontinue our 65% LTV product options for HMO/MUFB, simplifying the offering to just one higher 75% LTV range for these borrowers. The two-year 75% LTV is now priced at our previous 65% LTV level of 3.09%, while our five-year 75% LTV is priced at 3.29% which is lower than our previous 65% LTV product. It means that all those requiring HMO/MUFB products can now borrow up to 75% LTV and secure a cheaper rate.

“As always, we remain focused not just on price but service, and we are maintaining our 24 hour/same-day turnaround on documentations, DIPs and valuations.

“2022 promises to be an exciting year for the buy-to-let sector and Fleet is committed to delivering everything advisers and their landlord clients need to ensure excellent purchase and remortgage finance options throughout the course of the next 12 months and beyond.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...

Other news

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Why it matters that bridging hit more than £10bn last year

We see many numbers bandied around in the financial industry, which can sometimes have...