Fleet Mortgages has introduced new two-year fixed-rate and fixed-fee products for standard and limited company borrowers, and cut rates for several of its existing BTL options.
Available at up to 75% LTV, the new products are priced at 4.89% and come with a £5,899 fixed fee, up to a maximum loan amount of £350,000, with the end date set at 31st October 2026.
Fleet as also cut its existing 75% LTV two-year fixes by 10 bps, which are now priced at 4.99% — the product offers loans up to £1m and comes with a 3% fee (with a minimum level of £750) and a free valuation of up to £500,000.
Fleet has also announced a range of price cuts — between five and 30 bps — to its range of 75% LTV, five-year fixes also for standard and limited company borrowers.
Its fixed-fee five-year product is now available at 5.39% with a £3,999 fee.
Meanwhile, the zero-fee product is now available at 5.89%, and its 3% fee option (with a minimum of £750) is priced at 4.99%.
Steve Cox, chief commercial officer at Fleet Mortgages (pictured above), commented: “It’s often felt like 5% is the ‘magic mark’ when it comes to landlord borrowers meeting affordability and securing the levels of loans they require, so it’s incredibly pleasing to be offering these new two-year, fixed-rate products, cutting existing rates, and also offering our 3% fee five-year fixed-rate product to standard and limited company borrowers below the 5% mark.
“What we are very keen to do is offer choice for advisers and their landlord clients, and clearly fee structure is an important consideration, particularly for higher loans, but also in terms of whether they wish to add these to the overall loan from the outset.
“The critical point here is that we’ve improved product choice and we’re now able to offer products below the 5% level, which should ease affordability concerns and allow landlords to secure the loans they require at a better price.
“That remortgage outlook, plus a more stable political environment and an interest rate environment which appears to be falling, means we believe the rest of 2024 can produce positive results for all mortgage market stakeholders.”
