Fleet Mortgages cuts cost of fixed-rate deals

Buy-to-let lenderFleet Mortgages has reduced rates on seven fixed-rate products from across its three core ranges.

These mortgage rates have all been reduced by 10 basis points.

On its standard range, this reduces its two-year fix to 2.99 per cent at 75 per cent LTV. Its five-year fix, at the same LTV, now charges a rate of 3.75 per cent.

Its five-year fixed pay-rate (again at 75 per cent LTV) has also been cut to 3.99 per cent. This product has an ICR of 135 per cent at the initial rate with a 1 per cent fee.

On its limited company range, Fleet is now offering a rate of 3.97 per cent on its five-year fix (at 65 per cent LTV). At 75 per cent LTV, a five-year fix has been reduced to 3.89 per cent.

In its HMO range Fleet has cuts its five-year fix to 4.09 per cent.

Fleet Mortgages says that these cuts have been made despite recent increases to Swap rates. The lender says its is able to buck this trend as its partners with a number of asset managers to provide this funding.

Fleet also announced that its fixed-rate end dates have been changed, with two-year fixes now offered up to 30 June 2020, and five-year fixes to 30 June 2023.

This move follow Fleet Mortgages’ recent decision to no longer require a floating charge on its limited company cases.

Fleet Mortgages chief executive Bob Young says: “In this instance we’re able to cover off the three core ranges with these rate reductions, meaning that all types of landlord and investor borrowers should benefit.”

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