Buy-to-let and specialist lender, Fleet Mortgages has cut the rates of a number of its fixed-rates and extended the end dates of all such products.
These include seven fixed-rate products across its three core ranges – standard, limited company and HMO.
Aaron Strutt, PR and communications director at Trinity Financial, said: “At 75%, buy-to-let rates are supremely cheap at the moment. At 75% LTV, Virgin Money has a 2-year fixed at 1.75% with a 25% deposit and 1,999 arrangement fee and even a £750 cashback.
“But Fleet Mortgages have very attractive rental calculations so you may be able to borrow more money.
“The lending targets are so huge so lenders have to keep on being so competitive to attract more business.”
In its standard range, there’s a 2-year fixed rate at 75% loan-to-value, cut 10 basis points to 2.99% and has a maximum loan of £200,000.
There is a 5-year fixed rate at 75% LTV cut 10 basis points to 3.75% and a 5-year fixed, pay-rate (75% LTV) also cut 10 basis points to 3.99% and this product has an ICR of 135% at the initial rate, with a 1% fee.
Bob Young, chief executive officer of Fleet Mortgages, said: “We’re happy to announce we’re kicking off the post-Easter period with a selection of 10 basis point price cuts across seven of our fixed-rate products.
“In this instance we’re able to cover off all three core ranges – standard, limited company and HMO – with these rate reductions, meaning that all types of landlord and investor borrowers should benefit in this instance.
“At the moment SWAP rates are on the rise, however because we are uniquely funded we are able to fly in the face of this and cut our prices.”
In its limited company range, the changes were mostly to 5-year fixed rates. At 65% LTV, there were cuts 10 basis points to 3.79% and at 75% LTV, another cut of 10 basis points, to 3.89%. There’s a 5-year fixed, pay rate (75% LTV) cut 10 basis points to 3.99% – again this product has an ICR of 125% at the initial rate, with a 1.5% fee.
In the HMO range, Fleet has cut its 5-year fixed rate (75% LTV) by 10 basis points down to 4.09%
All Fleet Mortgages’ fixed-rate end dates have also been changed, with two-year fixes now offered up to 30th June 2020, and five-year fixes to 30th June 2023.
Young said: “Added to this we have extended our end dates across all fixed-rate products and, with our recent decision to drop our requirement for a floating charge on limited company cases, we are responding to the needs of both advisers and their clients in this changing buy-to-let marketplace.
“Our price cuts are live now and we are looking forward to hearing from interested advisers to see how we can help them develop their advice offering and provide the right products for their landlord clients.”