Standard five-year fixed rates have seen reductions of 10bps and now start from 2.89% at 65% LTV and 2.99% at 75% LTV.
Limited company/LLP five-year fixes are now priced at 2.95% up to 65% LTV and 2.99% up to 75% LTV.
HMO/MUFB rates have seen reductions of up to 15bps, with a two-year fix at 75% LTV available at 3.09% and a five-year fix at 3.29%. The 65% LTV options for both two- and five-year fixes have been discontinued.
All of Fleet’s five-year fixed-rate product options are offered with a rental calculation based on 125% at the pay-rate, while the HMO/MUFB two-year fix is offered at 125% at 5.5%.
In November last year, Fleet introduced 80% LTV options for both standard and limited company/LLP borrowers – the 80% two-year fix for standard and limited company/LLP borrowers remains priced at 3.89%, while the five-year fix is priced at 4.15%. Both come with a 2% fee.
Fleet also offers lifetime tracker products across all three core ranges with rates starting at 3.19% at 65% LTV for standard and limited company/LLP borrowers and 3.49% for HMO/MUFB. All lifetime trackers come with a 2% fee and no early repayment charges.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “It’s important for us to start the year with intent, and therefore we are very pleased to be able to reprice a number of two- and five-year fixes, across all three of our core ranges. We’ve undoubtedly seen a growth in demand and interest for five-year fixed-rate options and we’ve been able to respond by cutting rates by up to 10 basis points for these in both our standard and limited company/LLP ranges.
“We’ve also decided to discontinue our 65% LTV product options for HMO/MUFB, simplifying the offering to just one higher 75% LTV range for these borrowers. The two-year 75% LTV is now priced at our previous 65% LTV level of 3.09%, while our five-year 75% LTV is priced at 3.29% which is lower than our previous 65% LTV product. It means that all those requiring HMO/MUFB products can now borrow up to 75% LTV and secure a cheaper rate.
“As always, we remain focused not just on price but service, and we are maintaining our 24 hour/same-day turnaround on documentations, DIPs and valuations.
“2022 promises to be an exciting year for the buy-to-let sector and Fleet is committed to delivering everything advisers and their landlord clients need to ensure excellent purchase and remortgage finance options throughout the course of the next 12 months and beyond.”