Fleet Mortgages has reduced rates across its 5-year fixed-rate mortgage range.
For products set at 60% LTV, the lender has reduced rates from 3.54% to 3.49% with a rental calculation of 125% at 5.5%.
In addition, the lender’s pay-rate product at 60% LTV has been cut from 3.69% to 3.59% with the rental calculation of 125% at 3.59%.
For 70% LTV deals, rates have been cut by five basis points from 3.59% to 3.54% with a rental calculation of 125% at 5.5%.
The pay rate product at this LTV tier has been cut from 3.75% to 3.65% with the rental calculation of 125% at 3.59%.
The lender’s 75% LTV pay rate product has been reduced by six basis points from 3.85% to 3.79% with the rental calculation of 125% at 3.79%.
Meanwhile, Fleet Mortgages’ other 5-year 75% LTV products remain at 3.69%.
The 5-year fixed rates available are the same for both standard and limited company borrowers and all revert rates are linked to BBR, reverting to BBR plus 5% (currently 5.1%).
The lender has also changed its initial rate end dates for all products to 30 April 2023 for 2-year deals and the 30 April 2026 for 5-year products.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “We believe it’s important to start the year as you mean to go on, and one of the ways we can wish our intermediary partners (and their clients) a very happy new year, is with these product rate cuts and a continued focus on criteria amends in order to offer as much flexibility as we can to landlord borrowers.
“2021 is shaping up to be a significant year in the buy-to-let market and private rental sector, and these rate cuts for both standard and limited company borrowers should help those who might wish to add to portfolios or are seeking to refinance properties in their portfolio.
“Service is a key part of the overall advice decision and we remain committed to working through documents and assessing cases as quickly as possible.
“At the time of writing, we are reviewing all documents within three days, conducting same-day DIP reviews, and committing to a valuation turnaround within two days.
“Our service levels are fully transparent and updating continuously on the Fleet Mortgages website, and we believe that – coupled with our excellent rates and market knowledge – advisers will find plenty of compelling reasons to use us in the months ahead.”