Fleet cuts rates on its two- and five-year fixes

Fleet cuts rates on its two- and five-year fixes

9:58 AM, 22nd March 2023, About 6 months ago

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Fleet Mortgages has announced reduced product rates across its entire range of two-year and five-year fixed-rate products.

The buy-to-let specialist lender says that all two- and five-year fixes within its standard, limited company and HMO/MUFB (Multi-Unit Freehold Block) range have been reduced by 20 basis points.

The product range now includes:

  • 75% LTV two-year fixes for both standard and limited company at 5.49%, with the HMO/MUFB two-year fix at 5.59%
  • Five-year fixes for standard and limited company borrowers now at 5.09% (65% LTV) and 5.19% (75% LTV) while the HMO/MUFB equivalent products are now priced at 5.23% (65% LTV) and 5.33% (75% LTV)
  • Green five-year fixed-rate product – for those properties rated EPC level C and above – have also been reduced to 5.09% (75% LTV) for standard and limited company, and 5.23% for HMO/MUFB.

Products come with a 2% fee

All of these products come with a 2% fee, except Fleet’s 70% LTV five-year fix which has a 5% fee (minimum £750) and has also been reduced.

It is now priced at 4.59% for standard and limited company borrowers, and 4.69% for HMO/MUFB.

Service levels remain high with Fleet currently assessing documents within 48 hours, conducting same-day DIP reviews and providing valuation turnarounds within 48 hours.

‘We’ve been able to reduce our fixed-rate pricing’

Fleet’s chief commercial officer, Steve Cox, said: “Last month we were able to bring two-year fixes back to our range, and this month due to a combination of factors including a softening of swap rates and further movement within the sector, we’ve been able to reduce our fixed-rate pricing across the board by 20 basis points.

“The recent Budget, and in particular the Office for Budget Responsibility’s inflation and interest rate forecasts appear to have added a further layer of calm to market sentiment, with the belief that rates will now peak at a lower level than previously feared.”

He added: “It means we’ve been able to review our pricing and cut it accordingly, which we believe will make these fixes – which many landlords want in order to have payment certainty over the time period – more attractive and will provide further options for advisers and their buy-to-let clients.”

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