Fleet and TMW both announce lower BTL rates

Fleet Mortgages has announced more rate cuts on a range of mortgages for both standard and limited company borrowers.

The reductions, ranging from 0.15% to 0.3%, apply to both two- and five-year fixed-rate products with a 75% loan-to-value (LTV) ratio.

For example, the two-year fixed-rate mortgage with a 3% fee has seen its interest rate drop from 4.99% to 4.69%.

Similarly, the fee-free five-year fixed-rate mortgage now boasts a rate of 5.74%, down from 5.89%.

Announce further rate cuts

The lender’s chief commercial officer, Steve Cox, said: “Last week we were able to launch new HMO products, plus cut rates right across our three core areas.

“This week we are able to announce further rate cuts for those standard and limited company borrowers who are seeking either two- or five-year fixed-rate options.”

He adds: “Today, we are dropping pricing by between 15 and 30 basis points offering competitive rates that should aid landlords as they seek to meet affordability and secure the loan sizes they require.”

TMW lowers rates

Meanwhile, The Mortgage Works (TMW) has also announced a slight reduction in rates on its buy to let switcher products, offering further options for landlords seeking to manage their cashflow.

The lender’s Joe Avarne said: “These competitive rate reductions continue to evidence our commitment to supporting landlords looking to manage their cashflow through fixed rates.”

The reductions to the switcher products for buy to let include:

• Two-year fixed at 3.79% with a 3% fee, available up to 65% LTV (reduced by 0.05%)
• Three-year fixed at 3.84% with a 3% fee, available up to 65% LTV (reduced by 0.05%)
• Five-year fixed at 3.84% with a 3% fee, available up to 65% LTV (reduced by 0.05%).

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