For standard and limited company products, the five-year fix at 65 per cent LTV is now 5.69 per cent, down from 6.39 per cent and the option at 75 per cent LTV is priced at 5.79 per cent down from 6.49 per cent.
The green mortgage which is fixed for five years at 75 per cent LTV has gone down from 6.39 per cent to 5.69 per cent. Additionally, there is a seven-year fix now priced at 5.83 per cent, from 6.53 per cent.
For houses in multiple occupation (HMO) and multi-unit blocks, the 65 per cent LTV five-year fix has a rate of 5.83 per cent down from 6.53 per cent and the 75 per cent LTV alternative is 5.93 per cent down from 6.63 per cent. The green product at 75 per cent LTV and fixed for five years has a rate of 5.83 per cent, down from 6.53 per cent.
Meanwhile, the seven-year fix at 75 per cent LTV has reduced from 6.63 per cent to 5.93 per cent.
Fleet has also changed its revert rate to the bank base rate plus three per cent. This was formerly a five per cent surcharge for standard and limited company deals or 5.25 per cent extra for HMO and multi-unit blocks.
Completion fees are two per cent for all mortgages. Booking fees are £199 for all fixed rates.
The lender has pulled its products at 80 per cent LTV. It has retained its tracker mortgages at 75 per cent LTV.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “With these new fixed-rate products, we are effectively dropping rates by 70 basis points across the board, and now have a range of five- and seven-year fixes with prices all below six per cent, some by a considerable margin.
“In recent weeks, we’ve seen a degree of stability return to the markets which means lenders like ourselves can be much clearer about our ability to fund longer-term fixes, which has translated into these significant price cuts.”
He added: “At the same time, we’ve also made the decision to withdraw our 80 per cent LTV products – we acknowledge it is difficult to secure higher LTV mortgages at present because of the current rental stress rate environment, but will continue to review our options in this area if we feel there is a demand for such products.
“Overall, we are very pleased to be able to cut rates across our entire fixed-rate product offering and coupled with our unchanged tracker range, believe we have a very strong proposition to support advisers and their landlord borrower clients.”
The Mortgage Works
The Mortgage Works (TMW) will be reducing selected fixed buy-to-let rates by up to 0.95 per cent from 25 November.
It has also revised its range to offer different fee options.
There is a one-year fixed product available up to 75 per cent LTV with a rate of 3.89 per cent, a 0.10 per cent reduction. This has a two per cent fee.
There is also a two-year fix at 65 per cent LTV priced at 4.29 per cent, down from 4.39 per cent, and a five-year fix at the same tier priced at 4.69 per cent, down from 4.89 per cent. Both come with a three per cent fee.
The updated fee structure includes the change that products with a three per cent fee now offer the option of paying no fee or £1,495. This will replace all products with £1,995 or £995 fees.
Daniel Clinton, director of landlord at The Mortgage Works, said: “Greater market stability and a downward trend in swap rates means we’re able to make further reductions to our buy-to-let mortgage range and continue to support landlords looking to manage their finances through fixed rates.
“TMW offers landlords a broad range of options to meet their varying needs and the new, reduced fee options we’re also introducing will simplify our mortgage range and demonstrate to landlords that TMW is very much open for business.”
