Fleet Mortgages cuts rates
Buy-to-let lender Fleet Mortgages made a number of price cuts on a selection of its two and 5-year fixed-rates in addition to removing all non-pay-rate five-year products.
The changes come in response to intermediary feedback and in order to simplify the range and also mean the lender has temporarily removed all 70% LTV standard and limited company 5-year pay-rate products.
The cuts see the 65% loan-to-value (LTV) 2-year standard and limited company fixed rates reduced by five basis points from 3.09% to 3.04% with a rental calculation of 125% at 5.5%.
The 75% LTV 5-year standard and limited company fixed rates cut by five basis points from 3.64% to 3.59% with a rental calculation of 125% at 3.59%. This now positions the 75% LTV products at the same rate as the previous 70% LTV products which have been removed.
Fleet said the decision to offer all five-year standard and limited company products at pay-rate will support those landlord borrowers seeking to borrow more in order to add, or refinance, properties within the portfolio.
Steve Cox, Chief Commercial Officer at Fleet Mortgages, said: “Listening to our intermediary partners is what we do at Fleet, and it’s become obvious from feedback that advisers would welcome these price cuts and would see the benefit in being able to offer landlord borrowers five-year fixes based on a pay-rate rental calculation.
“It opens up opportunities for those landlords who want to borrow more over a longer-term and have the certainty of a fixed rate for those five years. We’ve had a very busy few months, and with the government extension to the stamp duty holiday deadline having now been announced, we anticipate further ongoing demand from those landlords seeking to refinance existing properties in order to add more to their portfolios.
“Our current service levels are all under 24 hours, and we are here to support advisers in turning around their cases as quickly as possible.”