Fleet Mortgages has introduced new two- and five-year fixed-rate products to its BTL range.
The two-year fixes, available at 75% LTV with a 2% product fee, are priced at 5.69% for standard and limited company borrowers, while the options for HMO/MUBs is offered at 5.79%.
The revert rate for the two-year fixed-rate products is BBR + 3%, and the ERC end date is 30th April 2025.
Meanwhile, the newly launched five-year fixes, available at up to 70% LTV with a 5% product fee, are priced at 4.79% for standard and limited company, and 4.89% for HMO/MUBs.
The new five-year fixes were introduced with a higher fee/lower rate to help landlord borrowers meet affordability criteria.
The launch of the new products comes after Fleet Mortgages announced price cuts on all its seven-year fixed-rates at the start of February.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “Following the turmoil inflicted on the market by last year’s mini-budget, we have been looking for a point where we’d be able to reintroduce a two-year fixed range for landlord borrowers, and I’m very pleased to say we have now been able to get there.
“Given the uncertainty around rates, we appreciate this has not been a happy hunting ground for advisers or clients in recent months, but the launch of these new 75% LTV two-year fixes should hopefully provide a further boost in product options and choice for those looking for shorter-term certainty when it comes to their monthly mortgage payments.
“At the same time, we have also been able to launch new five-year fixes with lower rates and a higher fee, as we know there is significant demand for such products against the backdrop of landlords seeking to meet affordability criteria, in order to get the level of loans they want and need.
“We’ll continue to review the BTL market in its entirety, and take heed of adviser feedback, in order to support landlord clients.
"This will not be the last you hear from Fleet so look out for further enhancements in the weeks to come.”
