Fleet Mortgages cuts rates and removes non-pay rate five-year deals

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  • 26/03/2021
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Fleet Mortgages cuts rates and removes non-pay rate five-year deals
Fleet Mortgages has reduced rates on two and five-year fixed mortgages up to 75 per cent loan to value (LTV).

 

It has also withdrawn all five-year fixed products without a pay rate at 70 per cent LTV to simplify its range following feedback from brokers. 

Rate reductions include the two-year standard and limited company product at 65 per cent LTV, which has a rate of 3.04 per cent, down from 3.09 per cent. This has a rental calculation of 125 per cent at 5.5 per cent. 

The five-year fixed standard and limited company mortgage at 75 per cent LTV has also been reduced from 3.64 per cent to 3.59 per cent. The rate cut puts the mortgage at the same price as the removed five-year fixed deals. 

This has a rental calculation of 125 per cent at 3.59 per cent. 

Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “Listening to our intermediary partners is what we do at Fleet, and it’s become obvious from feedback that advisers would welcome these price cuts and would see the benefit in being able to offer landlord borrowers five-year fixes based on a pay-rate rental calculation.  

“It opens up opportunities for those landlords who want to borrow more over a longer-term and have the certainty of a fixed rate for those five years. 

He added: “With the government extension to the stamp duty holiday deadline having now been announced, we anticipate further ongoing demand from those landlords seeking to refinance existing properties in order to add more to their portfolios.  

Our current service levels are all under 24 hours, and we are here to support advisers in turning around their cases as quickly as possible.” 

 

Gateway Surveyors appointed panel manager

Fleet Mortgages has also appointed Gateway Surveyors as its panel manager with effect from 1 April.

Cox said: “The careful management of our valuation process is a crucial and integral part of our business for brokers, customers and funding partners, and we have been  particularly impressed with Gateway’s attention to detail, personal touch and its commitment to risk management.”

 

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