Fleet Mortgages reprices in response to swap rate moves

The buy-to-let lender has repriced its product range, which includes cuts in tracker options.

But rates have also been raised on two- and five-year deals at 75% loan to value, with changes also affecting limited company and houses in multiple occupation (HMO) deals.

The new product range is now live and includes a 30 basis point cut for LIBOR-linked lifetime tracker products, available for standard, limited company and HMO borrowers.

Swap rates, which affect mortgage funding costs, have shifted up in recent weeks, after the Bank of England hinted at earlier than expected interest rate rises.

Bob Young, chief executive at Fleet Mortgages, said: “As can happen, swap rates have moved in recent weeks and it’s important – as a responsible lender – that we react to this, hence the repricing across the majority of our product range today.

“These products remain highly competitive and indeed our lifetime trackers for standard, limited company and HMO have been cut by 30 basis points.

“The start to the new year has been an incredibly positive one for Fleet Mortgages and it’s safe to say we’re busier than anticipated and already past our budgetary targets.

“We are embracing the ‘professionalisation’ of the buy-to-let market and advisers are increasingly using us because of our experience and service in this part of the market.

“We anticipate business levels to continue in this strong vein, are bolstering our business development managers (BDMs) across the country, and we are there to provide resource and support to our advisory partners in order to help their clients and develop their business offering.”