Fleet Mortgages reduces rates and removes products

In its standard and limited company range, its two-year fixed rate at 65 per cent LTV has fallen from 2.99 per cent to 2.89 per cent, whilst its 75 per cent LTV product has fallen from 3.24 per cent to 3.1 per cent.

The above products come with a rental calculation of 125 per cent at 5.5 per cent.

Its five-year fixed rate at 65 per cent LTV in its standard and limited company range has been cut by 0.15 per cent to 3.14 per cent, along with its equivalent at 75 per cent LTV which now stands at 3.24 per cent.

The 65 per cent LTV product has a rental calculation of 125 per cent at 3.14 per cent, whilst its 75 per cent LTV product’s rental calculation is 125 per cent at 3.24 per cent.

In its homes in multiple occupancy (HMO) and multi-unit block (MUB) range, both its two-year fixed rate at 65 per cent LTV and 75 per cent LTV have decreased by 0.15 per cent to 3.29 per cent and 3.39 per cent respectively. Both products have a rental calculation of 125 per cent at 5.5 per cent.

Its five-year fixed rate at 65 per cent LTV in the same range has fallen by 0.1 per cent to 3.43 per cent, and its 75 per cent LTV product now stands at 3.63 per cent.

The 65 per cent LTV option has a rental calculation of 125 per cent at 3.43 per cent, and the 75 per cent LTV option is 125 per cent at 3.63 per cent.

All the products with rate reductions have a 1.5 per cent fee.

The lender has also removed its two-year fixed rate products at 70 per cent LTV in the three ranges to simplify its offering.

Fleet Mortgages’ chief commercial officer Steve Cox (pictured) said that the removal would give adviser clarity on what is available and where their landlord borrowers might fit.

He added: “Pricing has been dropped by a minimum of 10 basis points and alongside our fixed-rate options we continue to offer lifetime tracker rates with no early repayment charges (ERCs). These changes ensure landlords’ costs are kept to a minimum and advisers have a wide range of product options from Fleet for those seeking to refinance or looking to add to portfolios.”

Fleet Mortgages was acquired by Starling Bank in July for £50m cash and share transaction in July. It is the first acquisition for the digital challenger bank.

Fleet Mortgages chief executive officer Bob Young said that the acquisition showed the high regard that Starling had for the business, adding it would change the way it funded its loans as it would be funded from Starling’s deposit base.

This would impact its pricing but also the sectors that the lender is active in, with Young hinting that it was aiming to grow and develop its offering.