Fleet Mortgages has overhauled its product range, involving cutting rates and bringing in new products.
The changes take place today.
Fleet has introduced two pay rate lifetime tracker products. For individuals the rate is 3.99 per cent (LIBOR plus 3.6 per cent) up to 75 per cent LTV, with a rental calculation of 125 per cent at 3.99 per cent.
For limited companies the rate is 4.19 per cent (LIBOR plus 3.8 per cent) up to 75 per cent LTV with a rental calculation of 125 per cent at 4.19 per cent.
All Fleet’s limited company and individual products are now offered at a rental calculation of 125 per cent at 5 per cent.
The firm has also cut rates on its limited company products. A two-year fix at 75 per cent LTV has been cut from 4.19 per cent to 3.6 per cent, and a five-year fix at 4.69 per cent has been cut to 3.99 per cent.
Fleet has also reduced rates on its HMO and multi-unit block products.
A two-year fix at 65 per cent LTV has been cut from 4.09 per cent to 3.79 per cent.
Meanwhile, the lender’s five-year fixed rate now at 4.99 per cent and 75 per cent LTV has been cut to 4.29 per cent.
Fleet Mortgages chief executive Bob Young says: “It has undoubtedly been an interesting few months for the buy-to-let market, and after a somewhat topsy-turvy summer, we are starting to see a more stable environment.
“Demand for buy-to-let lending has begun to improve and we are therefore very pleased to announce the refresh of our product range, which contains an increase in maximum LTV back up to 75 per cent as well as some exciting changes to our lifetime trackers offered at pay rate.
“We have also cut our fixed rates for both limited company and HMO/multi-unit products and believe they, along with our individual offering, remain particularly competitive in the current market environment.”