BTL lender also trims two-year fixed rates
Specialist buy-to-let lender Fleet Mortgages has recently introduced a suite of 65% loan-to-value (LTV) products and reduced pricing on selected two-year fixed rates at 75% LTV across its core buy-to-let ranges.
The lender said the changes apply to its standard, limited company and house in multiple occupation (HMO)/multi-unit freehold block (MUFB) lines.
For 65% LTV, the new products include a five-year fixed rate in both the standard and limited company ranges, set at 4.89% with a £1,499 flat fee and a free valuation up to £500,000.
Within the limited company range, new two-year fixed rates are available at 4.74% with a £1,499 fee, and at 5.19% with no fee.
In the HMO/MUFB range, the 65% LTV options comprise a five-year fixed rate at 4.89% with a 3% fee, and a two-year fixed rate at 5.49% with no fee. Both HMO/MUFB products include £1,000 cashback.
Alongside the 65% LTV launch, Fleet Mortgages has reduced rates on a selection of two-year fixes at 75% LTV by between 10 and 25 basis points across all three ranges.
In the standard and limited company ranges, two-year fixed rates have been cut by 10 basis points, with pricing now starting at 3.69% with a 3% fee. In the HMO/MUFB segment, selected two-year fixes have been reduced by 25 basis points, with rates now beginning at 3.99%, also with a 3% fee.
The lender said the new 65% LTV products are aimed at landlords with substantial equity who are seeking lower rates and a choice of fee structures, while the two-year reductions are intended to broaden options for borrowers purchasing or refinancing at 75% LTV.
The move comes against a backdrop of new buyers increasingly entering the market with larger deposits. Recent Moneyfacts figures show that around 31% of first-time buyers are looking for mortgage products below 75% LTV.
“Landlords with strong levels of equity are often very focused on price, and this new 65% LTV range is designed with that in mind,” said Steve Cox (pictured right), chief commercial officer at Fleet Mortgages. “It gives borrowers access to lower rates, clear fee choices and products that work across standard, limited company and HMO or MUFB cases.
“We know many portfolio landlords are actively reviewing their borrowing this year, either to refinance or to support further purchases, and these products are aimed squarely at that audience. At the same time, we wanted to improve value for landlords operating at 75% LTV, which remains a key level for both purchases and remortgages.
“Cutting rates by up to 25 basis points across these two-year products helps advisers support clients who may not have deeper equity, but who still want competitive pricing and consistent criteria. This is about giving advisers more options and keeping Fleet well placed in a market where cost, flexibility and certainty all matter.”
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