Fleet cuts rates and launches lifetime tracker range

Standard buy-to-let deals have been cut by five basis points with rates now starting at 3.19 per cent for two-year fixes up to 60 per cent loan to value (LTV).

At 70 per cent LTV rates now start at 3.29 per cent and at 75 per cent LTV rates start at 3.44 per cent.

Fleet is also offering five-year fixed-rate products with rental coverage calculations of both 125 per cent at 5.5 per cent and 125 per cent at pay rate.

Rates start at 3.54 per cent for five-year fixes at 60 per cent LTV, 3.59 per cent for 70 per cent LTV and 3.69 per cent for 75 per cent LTV.

Standard and limited company deals revert to the Bank of England Base Rate plus five per cent and deals for houses in multiple occupation (HMO) or multi-unit blocks (MUBs) revert to the base rate plus 5.25 per cent.

The specialist lender has also expanded its range of buy-to-let deals with the addition of lifetime tracker mortgages that have no early repayment charges.

Rates start at 3.3 per cent for standard and limited company mortgages and 3.46 per cent for HMOs and MUBs.

All tracker deals come with a rental calculation of 125 per cent at 5.5 per cent and a two per cent fee.

Steve Cox (pictured), distribution director of Fleet Mortgages, said: “Cutting the prices of all our standard and limited company products makes them even more attractive and we’ve been able to do this because of the strength of our relationships with our funders, and their appetite to be active in the UK buy-to-let space.

“We are also changing all our revert rates to track the Bank of England Base Rate which will be easier for customers to understand and provide extra clarity for advisers when explaining our product options.

“In doing this, it has opened up our ability to launch a brand new range of lifetime trackers across our three core product ranges, which, given they come with no early repayment charges at all, will I’m sure be of interest to many landlord borrowers.”