Fleet Mortgages rolls out fixed rate price cuts

Bob Young Fleet 2014

Fleet Mortgages is cutting prices across its individual, limited company and HMO/multi-unit block buy-to-let range.

Fleet’s changes, brought in following broker feedback, include cutting rates on its 65 per cent two-year fixes from 3.99 per cent to 3.89 per cent with a 1.5 per cent fee.

The lender is also cutting rates on its 65 per cent two-year fixes from 4.29 per cent to 4.09 per cent with a £750 fee.

Fleet’s five-year fix rates have been reduced from 4.49 per cent to 4.19 per cent.

The lender’s limited company mortgages have also seen rate cuts, with its 75 per cent LTV two-year fix being cut from 4.19 per cent to 4.09 per cent with a 1.5 per cent fee and from 4.39 per cent to 4.29 per cent with a £750 fee.

Fleet’s five-year product from the same range has been cut from 4.69 per cent to 4.39 per cent with a 1.5 per cent fee.

Fleet has also reduced rates on its individual buy-to-let two and five-year fixes at both 65 per cent and 75 per cent LTV by 0.1 per cent.

The rate reductions apply to Fleet’s 65 per cent two- year fixes, which are now 2.59 per cent from 2.69 per cent, and its five-year fixes, which are now 3.59 per cent from 3.69 per cent.

The lender’s 75 per cent LTV range has seen two-year fixes fall from 2.99 per cent to 2.89 per cent, while its five-year fixes have fallen from 3.99 per cent to 3.79 per cent.

Fleet Mortgages is keeping its limited company lifetime tracker products at both 65 per cent and 75 per cent LTV due to their “ongoing popularity”.

All products from the older range will still be available for decision-in-principles until 5pm on 9 March and full mortgage applications until close of business on 11 March.

Fleet Mortgages chief executive Bob Young 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.”