Fleet Mortgages has announced it will be cutting prices across all individual, limited company and multi-unit block products within its buy to let fixed rate range, which comes as the first in a series of product and criteria changes to be rolled out over the next few weeks.
The first set of changes to Fleet Mortgages buy to let products now include rate cuts on its 65% loan to value (LTV) 2 year fix from 3.89% with a 1.5% fee, or from 4.29% to 4.09% with a £750 fee. Fleet’s 5 year fixed rates have also been reduced from 4.49% to 4.19%, or from 4.69% to 4.39% with a 1.5% fee.
As far as the lender’s limited company mortgages are concerned, 75% LTV 2 year fixes have been reduced from 4.19% to 4.09% with a 1.5% fee or 4.39% to 4.29% with a £750 fee.
Individual buy to let 2 year and 5 year fixed rates, both at 65% and 75% LTV were also cut by 0.1%.
With rate reductions now applied to Fleet’s 65% 2 year fixes, which have dropped from 2.69% to 2.59%, the lender’s popular 5 year fixes have also been brought down from 3.69% to 3.59%. Fleet’s 75% LTV range has also witnessed 2 year fixes fall from 2.99% to 2.89%, while 5 year fixes have been reduced from 3.99% to 3.79%.
Fleet Mortgages has revealed that it will be keeping its limited company lifetime tracker products at both 65% and 75% LTV due to their popularity, with their current rates of 3.98% and 4.18% respectively.
Fleet Mortgages is not the only lender revamping its product offering, however, challenger bank Hampshire Trust also revealed its intentions to expand into the bridging finance sector of the market this week as it continues to extend the commercial mortgage arm of its team.
Having traditionally focussed purely on supporting small and medium sized enterprises, the lender will now continue to expand its commercial and buy to let offering and bridging finance offer accordingly, in response to the growing demand for short-term finance in the current mortgage market.