Fleet Mortgages reduces rates in major range revamp

Specialist buy-to-let lender Fleet Mortgages has detailed rate changes across the board, with cuts applied to 12 out of 13 products.

The mortgage product rates have been reduced by between 6 and 45 basis points.

Across the company’s standard range of products, the biggest reduction is in its lifetime LIBOR tracker, which now sits at 3.4 per cent after having 45 basis points chopped off. This is also the case for the limited company range.

The LIBOR tracker is the main beneficiary in the HMO range too, receiving a cut of 35 basis points, giving a 3.6 per cent rate.

The only product to keep its former rate is in the standard range; the two-year fix, which stays at 3.39 per cent.

Fleet Mortgages chief executive Boy Young says: “We believe this [set of reductions] highlights our commitment to the buy-to-let sector and our ongoing appetite to lend to quality borrowers in this space.” He adds: “We are also soon to roll out a series of ‘breakfast meetings’ to help brokers understand limited company lending, the pitfalls and the opportunities.”

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