Fleet reintroduces two-year fixes and adds five-year fixes – Mortgage Strategy
Fleet Mortgages has relaunched its range of two-year fixed-rate products for landlord borrowers and has launched a new range of five-year fixes.
From today (22 February), the lender will offer the new 75% loan-to-value (LTV) two-year fixes that are available in addition to its existing range of five- and seven-year fixes.
Fleet’s new two-year fix for both standard and limited company borrowers is now available at 5.69%, while its two-year fix for houses of multiple occupancies (HMO) and multi-unit block borrowers is available at 5.79%.
The product fee is 2%, with a minimum of £750; the revert rate is Bank base rate plus 3% and the early repayment charge (ERC) end date is 30 April 2025.
The lender has also launched new five-year fixed-rate products, available up to 70% LTV.
Both standard and limited company products are priced at 4.79%, while the HMO/multi-unit block product is available at 4.89%.
These new five-year fixes come with a product fee of 5%, with a minimum of £750.
The launch comes after Fleet announced price cuts on all its seven-year fixed rates at the start of February.
Fleet Mortgages chief commercial officer Steve Cox says: “Following the turmoil inflicted on the market by last year’s ‘Mini Budget’, we have been looking for a point where we’d be able to reintroduce a two-year fixed range for landlord borrowers, and I’m very pleased to say we have now been able to get there.”
“Given the uncertainty around rates, we appreciate this has not been a happy hunting ground for advisers or clients in recent months, but the launch of these new 75% LTV two-year fixes should hopefully provide a further boost in product options and choice for those looking for shorter-term certainty when it comes to their monthly mortgage payments.”
“At the same time, we have also been able to launch new five-year fixes with lower rates and a higher fee, as we know there is significant demand for such products against the backdrop of landlords seeking to meet affordability criteria, in order to get the level of loans they want and need.”