The reductions apply across all Fleet ranges covering Standard, Limited Company, house in multiple occupation (HMO) and multi-unit freehold block (MUFB) products.
Fleet Mortgages has introduced a 0.20% reduction across all 5-year fixed-rate products with either a 3% or 5% product fee.
The reductions apply across all Fleet ranges covering Standard, Limited Company, house in multiple occupation (HMO) and multi-unit freehold block (MUFB) products.
All products are available up to 75% loan-to-value (LTV).
Within Fleet’s recently launched 5-year fixed rate range with 5% product fees, the Standard and Limited Company products have been reduced from 5.24% to 5.04%, while the HMO and MUFB product has been cut from 5.49% to 5.29%.
The Standard and Limited Company products come with a free valuation on properties valued up to £500,000, while the HMO and MUFB product includes £1,000 cashback.
Fleet has also reduced rates by 0.20% across all of its 5-year fixed-rate products with 3% fees, including those available for properties with Energy Performance Certificate (EPC) ratings of A to C.
Standard and Limited Company rates have fallen from 5.64% to 5.44%, while equivalent products for EPC A to C properties have been reduced from 5.54% to 5.34%.
HMO rates have decreased from 5.89% to 5.69%, with HMO EPC A to C products falling from 5.79% to 5.59%.
Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Rates have been on everyone’s mind in recent weeks and months, particularly given last week’s decision to increase Bank Base Rate (BBR).
“However, as we know, product pricing doesn’t have to follow BBR trends and it is clearly positive for us to be able to announcing rate cuts today.”
He added: “We introduced our new five-year fixed-rate products with 5% fees only last week, and being able to reduce pricing across both these and our existing 3% fee range so quickly is welcome news.
“While interest rates and funding costs continue to be subject to change, we are always looking for opportunities to improve our pricing where possible, and these reductions demonstrate our commitment to passing on those improvements to borrowers.
“Affordability remains a significant consideration across the buy-to-let market, particularly for landlords coming to the end of existing mortgage deals who may be refinancing at higher rates than they have previously experienced.
“These reductions give advisers more options when working through those considerations with their clients, and we will continue to review our product range and pricing to ensure we are supporting the needs of both existing and prospective landlord borrowers.”
