Fleet Mortgages has cut rates across its five-year HMO and MUFB fixed-rated products, as well as introducing a new £1,000 cashback incentive option.
• Fleet’s £3,999 fixed-fee product has been cut from 5.69% to 5.54%
• its zero-fee product has been cut from 5.89% to 5.74%
As an additional incentive for its 75% LTV two- and five-year HMO/MUFB fixes, Fleet has also now added cashback of £1,000 for each completed mortgage case.
The lender said the new cashback was designed to help landlords with their upfront costs in this space, particularly with regards to valuation fees.
Steve Cox, CCO at Fleet Mortgages (pictured above), commented: “Following last week’s rate cuts we have now been able to drop pricing on these 75% LTV HMO/MUFB products, which come with both a fixed-fee or zero fee option.
“At the same time, we are adding a further cashback incentive. Upfront costs for landlord borrowers continue to rise, and it’s therefore important as a specialist BTL lender that we look at options to help them in terms of helping covering these.
“The addition of £1,000 cashback to our two- and five-year HMO/MUFB fixes will certainly ease this financial burden, with landlord borrowers being able to put this money toward their valuation costs, for example, which tend to be higher for these types of properties.
“As specialists in this field, we’re acutely aware of the added complexity that can come with such properties, and we’re here to support advisers with our knowledge and experience, in order that they can present the right solutions and secure the right outcomes for these clients.”
