Fleet Mortgages has made a series of reductions to its rates, as well as introducing additional 80% loan-to-value (LTV) product options, with 2 and 5-year deals for both standard and limited company or LLP borrowers.
The new products are 2-year fixed-rate buy-to-let (BTL) mortgages, offered at 3.89% up to 80% LTV, and 5-year fixed-rate products offered at 4.15%, also up to 80% LTV.
The 2-year options come with a rental calculation of 125% at 5.5%, while the 5-year products come with rental calculation of 125% at payrate. All new products come with a 2% fee.
Rate cuts include a 2-year fixed-rate mortgage for standard and limited company or LLP landlord borrowers cut to 2.99% (from 3.04%) for 65% LTV, 3.14% (from 3.24%) for 70% LTV, and 3.24% (from 3.34%) for 75% LTV.
All products come with a 1.5% fee, and a rental calculation of 125% at 5.5%.
Fleet has cut rates on its 2-year fixed-rate mortgages for houses in multiple occupation (HMO) and multi-unit block (MUB) borrowers, to 3.49% (from 3.54%) for 70% LTV and 3.54% (from 3.69%) for 75% LTV.
These products come with a 1.5% fee and a rental calculation of 125% at 5.5%.
The lender’s 5-year fixed-rate mortgages for standard and limited company or LLP landlord borrowers have been cut to 3.29% (from 3.44%) at 65% LTV and 3.39% (from 3.49%) for 75% LTV.
The standard products come with a 1.5% fee and the limited company products have a fee of 1.75%, and the rental calculation is 125% at payrate.
Finally, 5-year fixed rate mortgages for HMO or MUB borrowers have been cut to 3.53% (from 3.59%) at 65% LTV and 3.73% (from 3.79%) for 75% LTV.
Each comes with a fee of 1.5% and a rental calculation of 125% at payrate.
All Fleet’s standard and limited company products include either free or discounted valuations – the lender also offers Lifetime Tracker rates with no early repayment charges (ERCs) across all three core areas of its range: standard, limited company or LLP, and HMO or MUB.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “It’s very pleasing to be able to introduce a number of new higher LTV options to the Fleet product range, and to cater for those landlord borrowers who want these types of mortgages for either purchase or remortgage purposes.
“At the same time, we can make a number of price cuts for both two- and five-year fixed-rate options in our core standard, limited company/LLP, and HMO/MUB sectors.
“The first half of 2021 has undoubtedly been a very busy time in the landlord purchase space, and we anticipate this will continue through to the end of the partial stamp duty holiday period and beyond.
“Plus we’ll see landlords utilising their portfolios via remortgage activity in order to access the equity for further purchases.
“Landlords can see that the fundamentals for the private rental sector remain incredibly strong, with tenant demand growing, rental yield pushing up, and strong capital returns over a long time horizon.”