Fleet Mortgages and Accord Mortgages have slashed BTL rates across two- and five-year fixed mortgage loans.
Fleet announced 75% LTV two-year fixes for both standard and limited company at 5.49%, with the same fix for HMOs/MUFBs at 5.59%.
Five-year fixes are now at 5.09% (65% LTV) and 5.19% (75% LTV) while the HMO/MUFB equivalent products are now priced at 5.23% (65% LTV) and 5.33% (75% LTV).
Meanwhile, Accord is reducing rates across all LTVs by up to 29 percentage points, as well as extending end dates to 31st August.
The products which have seen price cuts include the lender’s 75% LTV five-year fix for both remortgage and house purchase clients, which was lowered by 0.25 percentage points to 5.31%.
A fee-free two–year fix with the specialist lender at 60% LTV for house purchases will be 5.61% — down by 0.13 percentage points.
Steve Cox, chief commercial officer at Fleet, said: “Last month, we were able to bring two-year fixes back to our range and, this month, due to a combination of factors including a softening of swap rates and further movement within the sector, we’ve been able to reduce our fixed-rate pricing across the board by 20 basis points.
“The recent budget, and in particular the Office for Budget Responsibility’s inflation and interest rate forecasts appear to have added a further layer of calm to market sentiment, with the belief that rates will now peak at a lower level than previously feared.
“It means we’ve been able to review our pricing and cut it accordingly, which we believe will make these fixes more attractive and will provide further options for advisers and their clients.
Simon Garner, BTL mortgage manager at Accord, added: “We’re pleased to be able to cut rates on our range during what has been a difficult period for landlords.
“By ensuring our products remain as competitive as possible, we’re maintaining our support for brokers and their landlord clients in a very fast-changing market.
“These changes also mean that landlords can benefit from even better value, regardless of their equity, as well as being able to choose from a variety of different options, including no initial product fee, cashback, or even products, without early repayment charges for those preferring the flexibility this potentially offers.”
