Fleet Mortgages has announced a series of rate reductions across its five-year fixed buy-to-let products, alongside a new cashback incentive aimed at easing upfront costs for lower-leveraged landlords.

Effective from today, the specialist ender has cut pricing across a broad range of five-year fixes at 55%, 65% and 75% loan-to-value, with reductions applying to both standard and limited company borrowers.

At 55% LTV, Fleet has trimmed its 3% fee five-year fix to 4.59%, down from 4.64%. The £999 fixed-fee alternative has also been reduced to 5.14%, down from 5.19%.

In a further move to appeal to low-LTV borrowers, the lender has introduced a £1,000 cashback incentive across all of its 55% LTV offerings, designed to assist landlords with upfront transactional costs.

Fleet has also cut the five-year fix with no fee at 65% LTV from 5.34% to 5.24%, and the equivalent 75% LTV product has come down to 5.34% from 5.44%.

Fixed-fee five-year products at both LTV levels have also been reduced by 10 basis points, with the £3,999 fee 65% LTV product now at 4.99% and the 75% LTV option at 5.09%. Both products come with a maximum loan size of £750,000.

GREEN PRICING

Green-rated properties continue to benefit from more competitive pricing. At 75% LTV, the 3% fee five-year fix is now available at 4.64% for properties with an EPC rating of A to C, while those falling outside that band are priced at 4.74%, following a 10 basis point cut.

For houses in multiple occupation (HMO) and multi-unit blocks, Fleet has reduced its 75% LTV five-year fix from 5.54% to 5.39%. The product features a £3,999 fixed fee, £1,000 cashback, and a maximum loan size of £750,000.

These changes follow earlier adjustments to Fleet’s two-year fixed-rate range, including new launches and pricing reductions announced earlier this month.

Steve Cox, chief commercial officer at Fleet Mortgages, said: “Two weeks ago, we were able to launch new two-year fixes plus reduce rates on our existing two-year fixes, so it’s pleasing to be able to back this up with price cuts to both standard and limited company five-year fixes across a number of LTV levels, plus a 15 bps cut to one of our HMO/MUB five-year fixes.

“As we know, a longer fix such as this can be appealing to landlord borrowers for any number of reasons, not least the payment certainty over a longer term, but also the ability to secure larger mortgages if the affordability/rental criteria is met.

“It’s positive to see the direction of ‘rate travel’ continuing to be downwards, as it means we can provide advisers and their landlord clients with greater value and flexibility.

“We’re also able to help with the upfront costs for those landlords borrowers at lower LTVs with the introduction of £1,000 cashback on all our 55% LTV products.

“We’ll continue to support our intermediary partners with a competitive product and criteria offering in order to help them deliver positive outcomes for their buy-to-let clients.”