The two-year fixed rates are available up to 75% loan to value (LTV) and are priced at 4.89% and come with a £5,899 fee. The maximum loan amount stands at £350,000.
The lender has also lowered existing two-year fixed rates for standard and limited company borrowers up to 75% LTV by up to 0.1%, with the rate lowering from 5.09% to 4.99%.
The product comes with a 3% fee, minimum level of £750 and maximum loan of £1m and a free valuation up to £500,000.
Fleet’s five-year fixed rates for standard and limited company borrowers up to 75% LTV have also been reduced by between five and 30 basis points.
Its five-year fixed rate with a £3,999 fee is 5.39%, its no-fee deal is 5.89% and its 3% fee version is 4.99%.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “It’s often felt like 5% is the ‘magic mark’ when it comes to landlord borrowers meeting affordability and securing the levels of loans they require, so it’s incredibly pleasing to be offering these new two-year fixed-rate products, cutting existing rates, and also offering our 3% fee five-year fixed-rate product to standard and limited company borrowers below the 5% mark.
“What we are very keen to do is offer choice for advisers and their landlord clients, and clearly fee structure is an important consideration, particularly for higher loans, but also in terms of whether they wish to add these to the overall loan from the outset.
“The critical point here is that we’ve improved product choice and we’re now able to offer products below the 5% level, which should ease affordability concerns and allow landlords to secure the loans they require at a better price.”
Cox said that the fee and zero-fee options, which were “highly competitive”, would give advisers more choice, and this was important as there was a “significant cohort of remortgage business to be up for maturity”.
“That remortgage outlook, plus a more stable political environment and an interest rate environment [that] appears to be falling, means we believe the rest of 2024 can produce positive results for all mortgage market stakeholders. We at Fleet are here to support advisers and their landlord clients with all their buy-to-let lending needs,” he noted.
Buy to Let by Foundation adds limited-edition deals and cuts fixed rates
Buy to Let by Foundation has released limited-edition deals and a fee-assisted remortgage deal and has lowered rates.
The limited-edition deal in its F1 range, for clients with an almost clean credit history, is a five-year fixed rate up to 75% LTV at 5.49%.
The other limited-edition deal is the F1 green product for properties with an Energy Performance Certificate (EPC) rating of between A and C on a five-year term up to 75% LTV priced at 5.39%.
Both come with a £4,495 fee and minimum loan of £200,000.
The fee-assisted remortgage-only five-year fixed rate at 65% LTV is 5.99%, and up to 75% LTV, the rate goes up to 6.09%. It has a £1,295 fee, no valuation or application fee to pay and offers £500 cashback to the borrower.
The lender’s F1 five-year fixed rate limited-edition deal at 75% LTV has fallen by 0.15% to 5.44%. It has a 2.2% fee.
Rate cuts have also been made to its F2 range, which is for clients financing a more specialist property type, with short-term two-year fixed rates having been cut by 0.1% to 6.79% up to 75% LTV.
Its holiday let two- and five-year fixed rates in its F2 range have been lowered by up to 0.2%, with pricing starting from 6.54% up to 70% LTV.
Tom Jacob, director of product and marketing at Foundation Home Loans, said: “We’re very pleased to be announcing these new limited-edition products to our core range, plus we’ve been able to make some significant rate cuts to options for both short-term and holiday let landlord borrowers.”
He noted that short-term and holiday lets were an area of the market that has grown, as it has “greater levels of rental yield”.
“The new limited-edition products should appeal to both landlords looking for a strong longer-term rate in order to give them stability of payments over that period, plus those who are either remortgaging or purchasing properties that already have an EPC of C or above,” Jacob said.
He noted that the Monetary Policy Committee’s (MPC’s) decision to lower the base rate could “act as a catalyst for greater levels of activity in the private rental sector, and we know large numbers of borrowers are coming to the end of deals over the course of the next six months”.
Jacob said: “Our third new product – the fee-assisted remortgage-only deal – again provides options for those coming up for renewal, plus it has the benefit of the reduced fees and the cashback to offset against this and other costs.
“Overall, we believe these new additions to the range, the price cuts, and our full buy-to-let product offering give advisers a growing number of options to ensure positive outcomes for their landlord clients.”
