Fleet makes rate cuts

Ryan Bembridge

March 7, 2016

Fleet Mortgages has cut rates across its buy-to-let ranges – as its 65% loan-to-value 5-year fix has been cut from 4.49% to 4.19%.

Its 65% LTV 2-year fixes have also been cut from 3.99% to 3.89% with a 1.5% fee and from 4.29% to 4.09% with a £750 fee.

With limited company products 75% LTV 2-year fixes have been reduced from 4.39% to 4.29% with a £750 fee and from 4.19% to 4.09% with a 1.5% fee. Its 5-year product has moved from 4.69% to 4.39% with a 1.5% fee.

Bob Young, chief executive of Fleet Mortgages (pictured), said: “The start of 2016 has seen a great period of growth for us as a lender as we continue to grow our business volumes over the period and are already well up on our targets for lending.

“The increase in demand for our products, particularly in the limited company space but also right across the range, has been very pleasing and following further intermediary feedback, and because of the unique way we secure our funding, we can now offer further price cuts across the full range of our fixed-rate products.”

Young said the lender will expand into new sectors of the mortgage market. He has previously signalled moving into full commercial lending.

He added: “To our mind, we are now firmly placed as one of the fastest growing lenders in the marketplace and we are therefore able to look seriously at other mortgage sectors to see how we might bring our quality and experience to bear here.

“The experience of the management team – we have perhaps the longest serving management team in the mortgage market – is such that we are acutely aware of the product spaces and sectors where Fleet Mortgages can provide what intermediaries and their clients are looking for.

“Over the coming weeks we will be announcing further product and criteria changes in the buy-to-let space but we are also formulating our plans to move the proposition into some very exciting areas. Our message therefore is to watch this space.”

The lender has also cut its 65% LTV buy-to-let 2-year fix from 2.69% to 2.59% and its 5-year fix from 3.69% to 3.59%.

On its 75% LTV range its 2-year fix has been cut from 2.99% to 2.89% while its 5-year fix fell by 0.2% from 3.99% to 3.79%.

The lender is in the process of recruiting new staff, having bolstered its staff count by 10% since the start of the year.

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