Fleet cuts rates, removes non-pay-rate five year fixes

Essex Home Finance
Fleet Mortgages are cutting a number of buy-to-let fixed rates and removing all 70% LTV five-year pay-rate products.
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Fleet Mortgages has rejigged its offering, cutting a number of buy-to-let fixed rates and removing all 70 per cent LTV five-year pay-rate products on what it says is a temporary basis.

The price cuts include the 65 per cent LTV two-year fix with a rental calculation of 125 per cent at 5.5 per cent being cut from 3.09 per cent to 3.04 per cent.

Additionally, the 75 per cent LTV five-year fix with a rental calculation of 125 per cent at 3.59 per cent has been cut from 3.64 per cent to 3.59 per cent.

This brings the rate level with Fleet’s removed 70 per cent LTV products.

Both products highlighted above are available for standard and limited company borrowers.

Fleet Mortgages chief commercial officer Steve Cox says: “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.”

Original Article from Mortgage Strategy 26/03/2021

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