Two-year fixes brought back by Fleet Mortgages

Two-year fixes brought back by Fleet Mortgages

10:08 AM, 22nd February 2023, About A year ago

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The specialist buy-to-let lender Fleet Mortgages has revealed that it has brought back its two-year fixed-rate products for landlord borrowers.

The firm also says that it is launching a new range of five-year fixes.

Advisers can now access the new 75% LTV two-year fixes which complement Fleet’s existing range of five- and seven-year fixes, plus its Tracker and Green product options.

The two-year fix for both standard and limited company borrowers is now available at 5.69%, while its two-year fix for HMO and multi-unit block borrowers is available at 5.79%.

The product fee is 2%, with a minimum of £750; the revert rate is Bank Base Rate plus 3% and the ERC end date is the 30th April 2025.

‘Turmoil inflicted on the market by last year’s mini-Budget’

Steve Cox, the chief commercial officer at Fleet Mortgages, said: “Following the turmoil inflicted on the market by last year’s mini-Budget, we have been looking for a point where we’d be able to reintroduce a two-year fixed range for landlord borrowers.

“Given the uncertainty around rates, we appreciate this has not been a happy hunting ground for advisers or clients in recent months, but the launch of these new 75% LTV two-year fixes should hopefully provide a further boost in product options and choice for those looking for shorter-term certainty when it comes to their monthly mortgage payments.”

He added: “We have also been able to launch new five-year fixes with lower rates and a higher fee, as we know there is significant demand for such products against the backdrop of landlords seeking to meet affordability criteria, to get the level of loans they want and need.”

Fleet says it will continue reviewing the BTL market to support landlord clients.

New five-year fixed-rate products

The lender’s new five-year fixed-rate products are available at up to 70% LTV with both standard and limited company products priced at 4.79%, while the HMO/multi-unit block product is available at 4.89%.

These new five-year fixes come with a product fee of 5%, again with a minimum of £750, and Fleet said they have been launched with a higher fee/lower rate to help landlord borrowers meet affordability criteria.

The launch of these two- and five-year fixed-rate products comes after Fleet announced price cuts on all its seven-year fixed-rates at the start of February.

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