Fleet cuts BTL rates as FHL unveils new products

Fleet cuts BTL rates as FHL unveils new products

9:39 AM, 20th November 2024, About 2 hours ago

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Fleet Mortgages has announced a reduction in interest rates on several of its five-year fixed-rate products.

The specialist lender has lowered rates on standard, limited company and HMO/MUB fixed-rate mortgages with a 75% Loan-to-Value (LTV) ratio and a 3% fee.

The new rates are:

  • Standard and Limited Company: 5.14% (previously 5.29%)
  • HMO/MUB: 5.54% (previously 5.69%).

Rates have been turbulent

Fleet’s chief commercial officer, Steve Cox, said: “The rate environment over the last few weeks, particularly in the swap markets, has been fairly turbulent.

“However, given the way we are funded, Fleet is able to move product pricing even when the wider buy to let market might be going in the other direction.

“We’ve been able to do that with these new cuts to our specific five-year fixes which come with a 3% fee, bringing them down by a significant 15 basis points.”

He added: “There may have been a lot of noise around the stamp duty changes announced at the Budget, but landlords are a pragmatic bunch and continue to understand the demand/supply imbalance within the private rental sector, and what this can mean for their existing portfolio.

“In that sense property – at the right price – is going to remain an attractive investment and an asset class that can continue to reward over the medium- to long-term.”

New products from Foundation’s ‘Buy to Let’ brand

Meanwhile, Foundation Home Loans’ ‘Buy to Let’ brand has introduced a new Limited Edition Holiday Let product.

This five-year fixed-rate deal, available up to 75% LTV, offers a rate of 6.24% with a 2.25% fee. Designed for clients financing more specialised property types, this product aims to support landlords seeking to diversify their portfolios.

Tom Jacob, Director of Product and Marketing at Foundation Home Loans, said: “Diversification of portfolios has continued to be a key priority for many landlord borrowers, particularly in areas such as holiday lets so we’re pleased to be launching a new Limited Edition product in this space which should help those seeking to either purchase or remortgage property for this purpose.”

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

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