Fleet cuts rates on fixed rate deals

As a result, rates now start at 5.29 per cent for five-year fixed rate deals for standard and limited company borrowers, up to 65 per cent loan to value (LTV). At 75 per cent LTV, the rate increases to 5.39 per cent.

The lender’s five-year fixed rate green mortgage deal, which is available on properties with an energy performance certificate (EPC) rating of at least a C, is available at 5.29 per cent up to 75 per cent LTV.

For clients borrowing against houses in multiple occupancy or multi-unit blocks, rates start at 5.43 per cent for the five-year fixed rate, available up to 65 per cent LTV.

Fleet: ‘Positive direction of travel’

Last week, Fleet announced that it had completed more than £1.2bn of lending during 2022, an increase of 58 per cent on the previous 12 months.

Steve Cox (pictured), chief commercial officer at Fleet, noted that the lender had last cut its rates on fixed rate deals a little over a month ago, stating it was “very positive to see the direction of travel” for the pricing of deals.

He continued: “Rates have undoubtedly stabilised in the last couple of months, and we hope this continues to be reflected in our product and price offering.

“We will continue to keep a close eye on rates and market competition, particularly when it comes to any reintroduction of a two-year range, however, at present, the market for these products remains limited.”