Mortgage News
Fleet Mortgages and Molo cut BTL pricing – round-up
Fleet Mortgages and Molo have made reductions to their buy-to-let mortgage pricing.
Fleet has made a 20 basis points (bps) reduction to its standard 75% loan to value (LTV) five-year fix for individual landlord borrowers cutting the rate from 5.34% to 5.14%.
A 35 bps reduction has been applied to the same product for limited company borrowers now available at a rate of 5.14% down from 5.49%.
Both deals come with a 3% fee which cannot be less than £750.
The specialist lender has launched two new five-year fixed rate deals available at 75% LTV for standard and limited company borrowers priced at 5.69%. The deals come with a fixed fee of £3,999.
The maximum loan available is £500,000, and the end date for the products is 31 October 2029.
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Both deals come with a rental calculation of 125% at 5.69% for basic taxpayers and 145% at 5.69% for higher rate taxpayers. Free valuations are available for properties valued up to £500,000. A discount applies for valuations above limit.
Steve Cox, chief commercial officer (pictured), said: “The price cuts are significant and will represent a positive monthly cost saving over the term of the mortgage.
“I’ve often spoken about how business activity improves the closer we get to 5% pricing in the buy-to-let sector, and clearly we are not a million miles away from such levels now. We anticipate a great deal of borrower interest in these repriced and new products, and we’re here to support advisers with their landlord clients as they seek to ensure they can meet affordability, secure the loans they need, and continue to stay invested in the private rental sector.”
Molo cuts two and five-year fixed buy-to-let mortgage rates
Following a 17 bps cut, the digital lender is now offering landlords rates from 4.55% for a two-year fixed rate for both individual and limited companies up to 75% LTV.
Five-year fixed rates for the standard range begin at 5.06%, after a reduction of 15bps.
Product rates for houses of multiple occupation (HMO), multi-unit freehold blocks (MUFB), new build and investor-led properties now start from 4.65% for a two-year fixed product and 5.16% for a five-year fixed product.
Molo’s distribution director Martin Sims said: “After last week’s encouraging inflation news, we are now able to realign our UK resident buy-to-let fixed rates.
“This, we believe, will further assist our intermediary partners when structuring their landlord clients investment property finance and also secure enhanced future returns.”