The 80 per cent LTV products are available both as a two and five-year fixed rate and standard and limited company borrowers are eligible.
The two-year fixed product has a rate of 3.89 per cent and comes with a rental calculation of 125 per cent at 5.5 per cent, whilst the five-year fixed has a rate of 4.15 per cent and a rental calculation of 125 per cent at payrate. They both come with a two per cent fee.
The lender has also cut a range of its two-year fixed rate and five-year fixed rate products for standard and limited company products as well as houses of multiple occupancy (HMO) and multi-unit block products.
Its two-year fixed rate product for standard and limited company landlord borrowers up to 65 per cent LTV has been reduced from 3.04 per cent to 2.99 per cent.
Its equivalent products at 70 and 75 per cent LTV has been cut by 0.1 per cent to 3.14 per cent and 3.24 per cent respectively.
The lender’s two-year fixed deal for HMO and multi-unit borrowers at 70 per cent LTV has decreased by 0.05 per cent to 3.49 per cent, whilst at 75 per cent LTV the rate has fallen by 0.15 per cent to 3.54 per cent.
All the above two-year fixed rates come with a 1.5 per cent fee and rental calculation of 125 per cent at 5.5 per cent.
The lender’s five-year fixed rate for standard and limited company borrowers at 65 per cent LTV has been cut by 0.15 per cent to 3.29 per cent and for 75 per cent LTV it has been reduced by 0.1 per cent to 3.39 per cent.
The standard products are subject to 1.5 per cent fee and the limited company products have a fee of 1.75 per cent, and the rental calculation is 125 per cent at payrate.
The lender’s five-year fixed rate products for HMO and multi-unit block borrowers at 65 per cent LTV has fallen from 3.59 per cent to 3.53 per cent, whilst for 75 per cent LTV it has decreased from 3.79 per cent to 3.73 per cent. They both come with a 1.5 per cent fee and a rental calculation of 125 per cent at payrate.
Fleet Mortgages chief commercial officer Steve Cox said the first half of the year had been busy in the landlord space, and the lender expected the trend to continue to the end of the partial stamp duty holiday and beyond.
He also noted there could also be heightened remortgaging by landlords so they can secure equity for further purchases.
“We’re catering for those landlords who can see the real opportunities property investment delivers in the UK, and these new products and the rate cuts provide them with an excellent source of finance, with competitive pricing via a highly-experienced specialist lending team,” Cox added.
