Fleet Mortgages cuts its BTL interest rates

Fleet Mortgages has announced a substantial reduction in interest rates for its mortgage products covering two-, five- and seven-year fixed terms within its standard, limited company, and HMO/multi-unit block portfolios.

Effective immediately, the rate cuts range from 20 to 40 basis points, offering more competitive terms for investors.

Its standard and limited company borrowers will benefit from a two-year fixed rate now starting at 5.04%, a decrease from 5.24%.

Also, five-year fixed rates have been adjusted to 4.74% for up to 70% loan-to-value (LTV) and 5.14% for up to 75% LTV, down from 5.14% and 5.54% respectively.

‘Positive rate cuts across our entire range’

Fleet’s chief commercial officer, Steve Cox, said: “We’re very pleased to be able to kick the new year off with these very positive rate cuts across our entire range of fixes, covering all three of our core ranges – standard, limited company and HMO/multi-unit block.

“2023 was undoubtedly a challenging year, particularly for landlord borrowers coming to the end of their existing deals and facing a very different rate environment and a heightened affordability challenge.

“With the money markets becalmed, swap rates having continued to drop, and Fleet’s own funding options, we’re able to take all this into account and start the new year with a bang with these rate cuts.”

He added: “This should open up a wide variety of options for advisers and their landlord borrower clients – both purchasing and remortgaging – providing an easing of affordability that can get them the finance they need.”

Eco properties get lower rates

The buy to let specialist lender also says that eco-conscious property owners are also rewarded with reduced rates for its Green fixed-term products and properties with an A-C EPC rating can secure a five-year fixed rate at 5.04% and a seven-year fixed rate at 4.94%, both for up to 75% LTV.

HMO and multi-unit block (MUB) borrowers are not left behind, with two-year fixed rates now at 5.44%, a slight dip from 5.64%.

The five-year fixed rates for these borrowers have also seen a reduction, now at 5.14% for up to 70% LTV and 5.48% for up to 75% LTV.

All products with 75% LTV carry a fee of 3%, while the five-year 70% LTV products have a 5% fee. The minimum fee for each product is set at £750, and all revert to a rate of Bank Base Rate plus 3% upon term completion.

Keystone announces lower rates

Meanwhile, Keystone Property Finance, a specialist BTL lender, has announced lower rates across various products with the new standard fixed-rate mortgages now beginning at 4.14%.

The expat mortgage range has seen the most significant rate drop, with reductions of up to 0.65%, bringing the starting rate down to 5.49%.

Keystone has also lowered the rates for its standard and specialist products designed for houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) that accommodate up to 15 occupants or units, with cuts of up to 0.55%.

And the company has dropped the arrangement fee options of 5.5% and 7% on its five-year fixed rates, which were initially introduced to enhance affordability for landlords during periods of high mortgage rates.

Keystone has also added a new 3% arrangement fee option to its product transfer range, with rates starting at 4.89%.

Kensington Mortgages has announced that every residential and buy to let mortgage option they offer, including those for limited companies, will feature a guaranteed cashback of at least £250 until the end of the month.

The promotion includes both fixed-rate and variable-rate tracker mortgages, excluding only the Flexi Fixed for Term range from Kensington.

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