Several specialist lenders, including Fleet Mortgages, Hodge and Vida, have announced rate cuts across their BTL product ranges.
Fleet Mortgages has lowered pricing by between 20 and 40 bps for all two-, five- and seven-year fixes across its three core ranged: standard, limited company and HMO/MUB.
Following the change, its options for standard and limited company borrowers are now available at 5.04% for a two-year fix at 75% LTV, 4.74% for a five-year fix at 70% LTV, and 5.14% for a five-year fix at maximum 75% LTV.
Meanwhile, clients with HMO/MUBs can secure a two-year fixed-rate mortgage at 5.44% at up to 75% LTV, a five-year fixed-rate option at 5.14% at up to 70% LTV, and a five-year fix at 5.48% at maximum 75% LTV.
The lender has also cut rates across its green BTL mortgages for properties with an A-C EPC rating, which are now priced at:
Steve Cox, chief commercial officer at Fleet Mortgages, said: “With the money markets becalmed, swap rates having continued to drop, and Fleet’s own funding options, we’re able to take all this into account and start the new year with a bang with these rate cuts.
“This should open up a wide variety of options for advisers and their landlord borrower clients — both purchasing and remortgaging — providing an easing of affordability that can get them the finance they need.
“We’re looking forward to a strong 2024 and have an excellent appetite to lend, and are here to help and support advisers and their clients active in BTL.”
Hodge has lowered pricing by up to 80% across its entire mortgage ranges, including its holiday let suite.
The change applies to the lenders’ two- and five-year fixed-rate holiday let products, which now start from 6.15% and 5.90% respectively.
Emma Graham, business development director at Hodge, said: “We've been working diligently to enhance our products and criteria to best support your customers and it seems fitting to start a new year with some good news.
“This reduction in rates comes hot off the heels of an increase in our procuration fees, where we increased broker fees for mortgage product transfers from 0.25% to 0.30% in recognition of the intermediary partners we work with.
“These latest rate decreases are yet another reflection of our desire to help you help your customers in the moments that matter.”
Vida Homeloans has announced rate cuts of up to 30 bps across a number of its BTL products.
The change applies to several options, includng its standard Vida 24 and Vida 6 BTL mortgage at 75% LTV, which are now priced at 6.89% and 7.44%, respectively.
Meanwhile, its limited-edition two-year BTL fixes are now available at:
