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Fleet and Foundation reduce rates – round-up

  • 30/11/2023
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Fleet and Foundation reduce rates – round-up
Fleet Mortgages has cut rates across select tracker, green tracker and two-year fixed products.

This includes a reduction of 0.5 per cent on the lender’s standard and limited company tracker buy-to-let mortgages to bank base rate plus 1.25 per cent. This now puts the rate at 6.5 per cent. The green tracker rate has been lowered to bank base rate plus 1.15 per cent, making it now 6.4 per cent. 

These are available at 75 per cent loan to value (LTV) and have a two per cent fee with no early repayment charges (ERC). 

Across its two-year fixes for standard and limited company borrowers, Fleet is reducing rates by 0.2 per cent to start from 5.24 per cent at 75 per cent LTV. These deals have a three per cent fee and ERCs. 

Steve Cox, chief commercial officer at Fleet Mortgages, said: “Swap rates, market competition and a growing interest in Tracker products themselves has allowed us to reassess our pricing across both our standard and limited company products, and our two-year fixes within those two ranges. 

“It is interesting to see growing activity in the tracker space, as landlord borrowers look at flexible, shorter-term products that will allow them to change products in the future without any ERCs.” 

He added: “We might call this a growing ‘track to fix’ approach, as some landlords will feel falling inflation and swap rates also dropping is likely to herald further cuts to fixed-rate pricing throughout next year which they will be able to take advantage of at a later date. 

“Other borrowers might simply want the certainty of a shorter-term fix and again we’ve been able to cut our two-year fixes to support advisers with this type of landlord client. 

“This is further positive news for landlord borrowers, and we’re here to support all advisers active in the buy-to-let space as they seek the right financial solutions for both refinancing and purchasing clients.”  


Foundation Home Loans cuts pricing 

Foundation Home Loans has reduced rates across its buy-to-let and owner occupier ranges. 

For buy-to-let, its F1 special range for borrowers with an almost clean credit history has been cut by 0.1 per cent and the five-year fix for portfolio landlords now starts from 5.59 per cent. This has a five per cent fee, no application fee and offers a free valuation. 

Within the standard F1 offering, two and five-year fixes have been cut by 0.1 per cent and start at 5.69 per cent with a three per cent fee. Across its F2 range for borrowers with specialist requirements or historical credit blips, two and five-year fixes now start from 5.74 per cent following a one per cent cut. 

These have a three per cent fee. 

Within its owner-occupied product range, two and five-year fixed rates have also been reduced by 0.1 per cent and start from 6.84 per cent for F1 borrowers and 6.94 per cent for F2 borrowers. 

These have a £795 fee, no application fee and offer a free valuation. 

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These price cuts to both our buy-to-let and owner-occupied F1 and F2 specials products cover a wide range of two- and five-year fixes, for a large borrower demographic who just miss out on the mainstream, are looking to buy specialist property, or require flexibility in terms of income assessment. 

“Across both buy-to-let and owner-occupied products we are seeking to provide lower rates and access to mortgage finance for these specialist clients,and we remain focused on delivering quality rates and service in these key areas to our intermediary partners.” 


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