Fleet reduces rates for BTL lifetime tracker products

In its standard and limited company and LLP range, its lifetime tracker product at 65 per cent loan to value is now 3.39 per cent, which is the bank base rate plus 2.89 per cent. This is down from 3.59 per cent previously.

At 75 per cent LTV in both ranges, the rate is 3.49 per cent, which is the bank base rate plus 2.99 per cent. This is a reduction from 3.69 per cent previously.

In the lender’s HMO and MUFB range, the rate of the lifetime tracker at 65 per cent LTV now stands now at 3.69 per cent, which is the bank base rate plus 3.19 per cent, a fall from 3.89 per cent.

At 75 per cent LTV in the same range the rate for its lifetime tracker is now 3.79 per cent, which is the bank base rate plus 3.29 per cent. This is a decrease from 3.99 per cent.

The tracker rates are subject to a rental calculation of 125 per cent at 5.5 per cent and have no early repayment charges.

Standard and limited company and LLP products also come with free and discounted valuations.

Steve Cox (pictured), chief commercial officer at Fleet Mortgages, said: “For many landlord borrowers, flexibility of finance is absolutely key and the price cuts we are making to our lifetime tracker products provides more attractive rates, lower monthly payments and, if required, the ability to review their mortgage options without having to pay any early repayment charges.

“At a time when the direction of travel for many buy-to-let lenders looks likely to be to increase rates, Fleet is able to offer price cuts here and keep rates the same on all other products.”

He added that free and discounted valuations for individual and limited company and LLPs would “help with upfront costs”.

He added: “Overall, we are completely focused on supporting advisers and their landlord borrower clients and would urge firms to contact their business development managers (BDMs) to see how we can continue to help them find the mortgage finance they need.”