Fleet Mortgages Cuts Rates on Standard and Limited Company Five-Year Fixes

Fleet Mortgages, the buy-to-let specialist lender, has today (8th November 2023) cut rates on all its standard and limited company five-year fixes.

The lender has cut rates by 20 basis points (bps) across these products including:

Standard/limited company borrowers – five-year fixed-rate at 70% LTV now at 5.14% and 75% LTV at 5.54%.

Green five-year fix product – on those properties with an EPC rating between A-C – cut to 5.44%, available up to 75% LTV.

The standard/limited company five year fix at 70% LTV comes with a 5% fee, while all other five-year products come with a 3% fee. All products come with an interest coverage ratio (ICR) based on the product’s pay rate, calculated at 125% for basic-rate taxpayers and 145% for higher-rate tax payers.

Fleet also continues to offer landlord borrowers a £1,000 cashback payment if they improve the EPC level of the property to a C or above during the course of the initial fixed-rate period.

Fleet’s current service levels are 48 hours for assessment of documents and turnaround of valuations, and 24 hours for DIP reviews.

Fleet Mortgages’ product guide and full list of lending criteria is available to view by visiting its website at: www.fleetmortgages.co.uk

Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented:

“A more certain interest rate environment has many benefits, not least calmer money markets, which in turn gives us further options to make product pricing moves.

Since the Bank of England’s decision to hold Bank Base Rate was announced last week, we’ve seen some further downward movement in swaps, and coupled with the strength of our own funding position, we’ve been able to make these price cuts across both our standard and limited company five-year fixes, plus our specific Green five-year fixed-rate option.

Fleet also of course now offers Product Transfer options to existing borrowers at the end of their special deals, and together with this keener pricing, we believe advisers have a growing number of more competitively-priced options for their landlord borrowers.

Given the ongoing movements in the money markets, plus greater levels of competition, we’re actively reviewing all our products and rates, and we anticipate making further announcements on the range in the near future.”