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Fleet Mortgages cuts rates across buy to let range

Having taken on board feedback from intermediaries, Fleet Mortgages has cut prices across its Individual, Limited Company and Houses in Multiple Occupation (HMO) / Multi-Unit Block range of buy to let mortgages.

Fleet Mortgages is cutting rates from 3.99% (5.2%APR) to 3.89% (5.4% APR) on its Limited Company 65% loan to value (LTV) two-year fixed rate mortgages. The deal carries a 1.5% fee.

Additionally, the rates on its Limited Company 65% LTV two-year fixed rate mortgage, which carries a £750 fee, have been cut from 4.29% (5.1% APR) to 4.09% (5.0% APR).

Fleet Mortgages five-year fixed rate mortgages, in the same range, have been reduced from 4.49%(5.5% APR) to 4.19% (5.3% APR).

The lender’s Limited Company range also now includes a 75% LTV two-year fixed rate buy to let mortgage at 4.09% (5.5% APR) (cut from 4.19). This mortgage carries a 1.5% fee, whereas the rates on the same mortgage carrying a £750 fee, have been reduced from 4.39% (5.4% APR) to 4.29% (5.4% APR).

Fleet’s five-year fixed buy to let mortgage, again from the same range, will see rates cut from 4.69% (5.5% APR) to 4.39% (5.3% APR), with a 1.5% fee.

Turning to Individual buy to let mortgages, a 0.1% rate reduction has been applied by the lender to its two-year and five-year fixed rate products; both at 65% LTV and 75% LTV.

The rate published for Fleet’s Individual 65% LTV two-year fixed buy to let mortgage is now 2.59% (5.0% APR), while its five-year fixed rate is at 3.59% (4.8% APR).

Fleet’s Individual 75% LTV two-year fixed mortgage products are now at 2.89% (5.0% APR), while the five-year fixed rate Individual product has fallen to 3.79% (4.9% APR).

Lastly, Fleet’s HMO and Multi-Block Unit 65% LTV two-year fixed rate buy to let mortgage is now at 3.99% (5.7% APR), while the 75% LTV option on a two-year fixed mortgage is at 4.19% (5.8% APR).

All products from Fleet’s previous range will be available for decision-in-principles until 5pm on 9 March and until close of business on 11 March for full mortgage applications.

Bob Young, chief executive, Fleet Mortgages says:

“The increase in demand for our products, particularly in the limited company space but also right across the range, has been very pleasing and following further intermediary feedback, and because of the unique way we secure our funding, we can now offer further price cuts across the full range of our fixed-rate products.

“To our mind, we are now firmly placed as one of the fastest growing lenders in the marketplace and we are therefore able to look seriously at other mortgage sectors to see how we might bring our quality and experience to bear here.

“Over the coming weeks we will be announcing further product and criteria changes in the buy-to-let space but we are also formulating our plans to move the proposition into some very exciting areas. Our message therefore is to watch this space.”