Fleet Mortgages and Coventry Building Society have joined the bandwagon of lenders slashing their BTL fixed rates.
Fleet Mortgages has today (4th October 2023) cut rates on all two- and seven-year fixes across its three core ranges: standard, limited company and HMOs.
The revamped products include the standard/limited company two-year fix at up to 75% LTV, which is now offered at 5.44%.
In addition, the standard/limited company green seven-year fix — for properties with an EPC rating or C or above — is now priced at 5.54% at up to 75% LTV.
For HMO/MUB borrowers, the two-year fix at maximum 75% LTV is now available at 5.64%, while the green seven-year fix at up to 75% LTV is now offered at 5.68%.
All two- and seven-year fixes come with a fee of 3% and a revert rate of Bank Base Rate + 3%.
Steve Cox, CCO at Fleet Mortgages, commented: “Last week we were able to cut the rates on all our five-year fixed-rates and this week we have been able to do the same across our two- and seven-year fixed-rate options.
“There is clearly still an incentive for landlords to have properties with a higher EPC level, and over the long term, the lower rates available on green products will provide a significant monthly mortgage cost saving.
“We also continue to offer £1,000 cashback payment to those landlord borrowers who improve the EPC level of their property to a C or above during the course of the initial fixed-rate period, so again there is money to be saved by improving the energy efficiency of a property right now.”
Coventry Building Society has reduced rates across all BTL fixed options for new borrowers, effective from Thursday (5th October).
Existing BTL borrowers will also benefit from lowered rates across all two-year fixes — excluding those at 50% LTV — and all five-year fixed rates at 75% LTV.
The lender is set to launch new products on Friday (6th October), with details to follow.
