Fleet Mortgages has cut product rates across its entire range of two- and five-year fixed-rate products.
The buy-to-let lender says its standard, limited company, houses in multiple occupation and multi-unit freehold block loans in these term ranges have been reduced by 20 basis points.
Its product range now includes:
The lender says the above products come with a 2% fee, except its 70% LTV five-year fix which has a 5% fee (minimum £750) and has also been reduced. It is now priced at 4.59% for standard and limited company borrowers, and 4.69% for HMO/MUFB.
It adds that it is currently assessing documents within 48 hours, conducting same-day decision-in-principle reviews, and also providing valuation turnarounds within two days.
Fleet Mortgages chief commercial officer Steve Cox says: “Last month we were able to bring two-year fixes back to our range, and this month due to a combination of factors including a softening of swap rates and further movement within the sector, we’ve been able to reduce our fixed-rate pricing across the board by 20bps.
“The recent Budget [last week], and in particular the Office for Budget Responsibility’s inflation and interest rate forecasts appear to have added a further layer of calm to market sentiment, with the belief that rates will now peak at a lower level than previously feared.
“It means we’ve been able to review our pricing and cut it accordingly, which we believe will make these fixes – which many landlords want in order to have payment certainty over the time period – more attractive, and will provide further options for advisers and their buy-to-let clients.”
