Fleet Mortgages cut rates on all BTL five-year fixes

Fleet Mortgages cut rates on all BTL five-year fixes

0:02 AM, 2nd October 2023, About 2 months ago 4

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Fleet Mortgages has announced a significant reduction in rates for all five-year fixed-rate products across its three core ranges: standard, limited company, and HMO/multi-unit block.

The buy to let specialist lender says the move is expected to benefit borrowers seeking long-term stability and competitive rates.

The rate cuts are as follows:

Standard/limited company borrowers:

  • Five-year fix up to 70% LTV: 5.34%
  • Five-year fix up to 75% LTV: 5.74%
  • Green five-year fix (A-C Energy Performance Certificate (EPC) rating) up to 75% LTV: 5.64%.

HMO/MUB borrowers:

  • Five-year fix up to 70% LTV: 5.54%
  • Five-year fix up to 75% LTV: 5.88%
  • Green five-year fix up to 75% LTV: 5.78%.

‘Greater degree of confidence in the future’

Fleet’s chief commercial officer, Steve Cox, said: “With a greater degree of confidence in the future trajectory of rates, and some belief that we may have reached a peak – or at least are close to it – we’ve been able to reflect this in these new product rates, all 20 basis points off their previous levels.

“We’re acutely aware that lowering rates in this way eases some of the affordability challenges facing landlords, and we believe this range of longer five-year fixes will secure some considerable cut-through for those landlord borrowers who are either seeking purchase or remortgage finance.”

Fee structure that varies

The rate cuts are accompanied by a fee structure that varies based on the loan-to-value (LTV) ratio.

For the 70% LTV five-year fixes, the fee is set at 5%, while all other products carry a fee of 3%.

Also, the revert rate for these products is Bank Base Rate plus 3%.

These rate reductions come on the heels of Fleet’s recent launch of product transfer options for existing borrowers.

The suite of product transfer products includes two- and five-year fixed-rate options and offers a fee reduction of 50 basis points compared to new business product ranges.

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10:05 AM, 2nd October 2023, About 2 months ago

These headline grabbing rates should not be allowed. The 3% and 5% ‘product fees’ are simply a scam.
A five year fix at 5.34% is not a five year fix at 5.34% once the 5% fee is added. They could offer rates of 0% with a 30% fee.
I thought all lenders were required to publish the APR to allow easier comparison between deals. Seems Fleet mortgages don’t do so in their website. Maybe it only applies to residential mortgages.

Chris Jordan

12:29 PM, 2nd October 2023, About 2 months ago

Exactly a scam! Reel you in on these 'great' rates, then pull the equity you've made or potentially going to make over the course of the fixed period, straight from under your feet. One of my mortgages is due to come off a fixed period but over all with number crunching, the huge increase is no different to putting £15/20k on a nice plate and handing it over to these HELPFUL bANKERS while they pull my trousers down, they literally should all be wearing balaclavas while signing these deals off!

Annabel Blake

12:41 PM, 2nd October 2023, About 2 months ago

I agree with Teessider - we have a fixed- rate coming to an end fairly soon, and when I used the 5.34% rate for a company mortgage, adding in the 5% fee, I reckon it works out at a rate of 6.34%!! Which is probably the going rate for a 70% LTV buy-to-let at the moment anyway. As noted, this is just a headline grabber.


22:01 PM, 6th October 2023, About 2 months ago

They undervalued a property by 40k even when there where multiple
Scientific sold comparables on a like for like basis from the land registry within 1 mile ??
Thieves !

Out done by 30k

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