Fleet Mortgages cuts rates on all seven-year fixes
Fleet Mortgages, the buy-to-let specialist lender, has today (2 February 2023) announced price cuts on all its seven-year fixed-rate products.
Priced in line with recent swap rate movements, Fleet has been able to cut prices on all seven-year products by 44 basis points.
Fleet’s seven-year fix for both standard and limited company borrowers is now available at 4.99%, while its seven-year fix for HMO and multi-unit block borrowers is available at 5.09%.
The product fee is 3%, with a minimum of £750; the revert rate is Bank Base Rate plus 3%.
Last month, Fleet cut rates on all its fixed-rate products, with five-year rates starting at 5.29% for 65% LTV – available for standard and limited company borrowers – and 5.39% for 75% LTV.
It also continues to offer 75% LTV Green five-year fixes and Green Trackers on properties with an EPC rating of A to C, and a 75% LTV Tracker.
Service levels remain high with Fleet currently assessing documents within 24 hours, conducting same-day DIP reviews and providing valuation turnarounds within 24 hours.
Steve Cox, chief commercial officer at Fleet Mortgages, commented: “As promised, we said we would continue to monitor swap rates and look at the rates available in the market and make adjustments where possible. With rates continuing to track downwards, we’ve been able to cut the pricing on our seven-year fixes by 44 basis points, moving them under 5% and we believe these are now some of, if not the, most competitive rates available in this tier. These are clearly products for landlord borrowers looking for a long-term solution, and those who want that rate certainty up until the end of the decade. Towards the end of January, we started to see market activity pick-up, and we are here to work with advisers and their landlord clients as they seek their buy-to-let finance solutions for the years ahead.”