Two more BTL lenders lower rates

Two more leading buy to let mortgage providers, Fleet Mortgages and The Mortgage Works, have joined the rush of other lenders and unveiled reductions on their fixed-rate offerings.

Fleet Mortgages has lowered interest levels on its two-year fixed-rate loans.

For standard and limited company borrowers, rates have dropped by 30 basis points, shifting from 4.69% to 4.39% for loans up to 75% loan-to-value (LTV) with a 3% fee.

Properties rated EPC A-C now benefit from a decrease from 4.59% to 4.29%.

Also, the fixed-fee option for these borrowers sees a £400 reduction in cost, now priced at £5,499, alongside a rate of 4.89%.

Fleet has trimmed rates

For those investing in houses in multiple occupation (HMO) or multi-unit blocks (MUB), Fleet has trimmed rates by 40 basis points.

The standard HMO/MUB product with a 3% fee now stands at 4.59%, down from 4.99%, while the EPC A-C variant adjusts from 4.89% to 4.49%.

The fixed-fee HMO/MUB deal has been slashed by 50 basis points to 5.79%, with its fee steady at £1,999.

Fleet’s chief commercial officer, Steve Cox, said: “We’re very pleased to be announcing some substantial rate cuts of up to 50 basis points across a number of our two-year fixes, plus we’ve also been able to cut the fixed-fee on our two-year product for limited company and standard borrowers.

“This will clearly help advisers and their array of landlord borrowers in terms of affordability plus provides payment certainty over the next two years in what is likely to be an uncertain pricing period.”

TMW offers switcher rate reductions

Meanwhile, The Mortgage Works is offering rate reductions on its switcher buy to let deals, a two-year fixed rate with a 3% fee falls by 0.15% to 3.59% at 65% LTV.

A no-fee option drops by 0.25% to 4.89%.

A five-year fixed rate at 65% LTV with a 3% fee dips by 0.05% to 3.94%.

Limited company switchers see a two-year fixed rate with a £3,995 fee drop by 0.10% to 5.09% at 75% LTV, and five-year options adjust to 5.29% (with a £1,495 fee) and 5.64% (no fee) after cuts of 0.15% and 0.05%, respectively.

HMO switchers benefit from a 0.35% reduction, bringing the two-year fixed rate with no fee to 6.44% at 75% LTV.

TMW’s senior manager, Joe Avarne, said: “These latest reductions show our ongoing commitment to supporting our existing landlords looking to manage their cashflow through fixed rates.”

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