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Fleet Mortgages brings back two-year fixes

  • 22/02/2023
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Fleet Mortgages brings back two-year fixes
Fleet Mortgages has brought two-year fixed mortgages back to its landlord mortgage range.

The products are available at 75 per cent loan to value (LTV). This includes a deal for standard and limited company borrowers with a rate of 5.69 per cent, and an option for homes in multiple occupation (HMO) and multi-unit block (MUB) borrowers at 5.79 per cent. 

There is a two per cent product fee at a minimum of £750 and early repayment charges apply. 

Fleet Mortgages has also launched five-year fixed rate products up to 70 per cent LTV. 

For standard and limited company borrowing, the product has a rate of 4.79 per cent, while the HMO and MUB option is priced at 4.89 per cent. 

Five per cent fees

The five-year fixes have a product fee of five per cent, also with a minimum of £750. The lender said the high fee, low rate structure was to help landlords meet affordability criteria. 

Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Following the turmoil inflicted on the market by last year’s mini Budget, we have been looking for a point where we’d be able to reintroduce a two-year fixed range for landlord borrowers, and I’m very pleased to say we have now been able to get there.  

“Given the uncertainty around rates, we appreciate this has not been a happy hunting ground for advisers or clients in recent months, but the launch of these new 75 per cent LTV two-year fixes should hopefully provide a further boost in product options and choice for those looking for shorter-term certainty when it comes to their monthly mortgage payments.”  

He added: “At the same time, we have also been able to launch new five-year fixes with lower rates and a higher fee, as we know there is significant demand for such products against the backdrop of landlords seeking to meet affordability criteria, in order to get the level of loans they want and need. These five-year fixes will run alongside the rest of the range which come with our standard product fees. 

“We’ll continue to review the buy-to-let market in its entirety, and take heed of adviser feedback, in order to support landlord clients. This will not be the last you hear from Fleet so look out for further enhancements in the weeks to come.” 

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