Tuesday, December 6, 2022
HomeLending MarketsFleet cuts rates on five- and seven-year fixes for 65% and 75%...

Fleet cuts rates on five- and seven-year fixes for 65% and 75% LTV

Fleet Mortgage has cut rates across all five- and seven-year fixed-rate mortgages for 65% and 75% loan-to-value (LTV).

The new pricing for fixed-rate deals covers all three core product areas.

The standard/limited company 65% LTV five-year fix has been reduced to 5.69% from 6.39% and the 75% LTV has been priced at 5.79% down from 6.49%. 

Fleet’s 75% LTV five-year fix green mortgage product, which is available on properties with an EPC rating of C and above, has been reduced from 6.39% to 5.69% while the 75% LTV seven-year fix has been priced at 5.83% down from 6.53%.

The houses of multiple occupancy (HMOs) and multi-unit block 65% LTV five-year fix has been priced at 5.83% from 6.53% and the 75% LTV priced at 5.93% from 6.63%.

The 75% LTV five-year fix green mortgage product is now at 5.83% down from 6.53% while the 75% LTV seven-year fix has been reduced from 6.63% to 5.93%.

Fleet has also changed its revert rate for all fixed-rate products to bank base rate (BBR) plus 3%. 

Previously this was BBR plus 5% for standard and limited company products, and BBR plus 5.25% for HMO/multi-unit blocks.

The lender is also withdrawing its 80% LTV products, with completion fees moved to 2% for all products, and booking fees now at £199 for fixed rates.

Fleet Mortgages chief commercial officer Steve Cox says: “With these new fixed-rate products we are effectively dropping rates by 70 basis points across the board, and now have a range of five- and seven-year fixes with prices all below 6%, some by a considerable margin.”

“In recent weeks, we’ve seen a degree of stability return to the markets which means lenders like ourselves can be much clearer about our ability to fund longer-term fixes, which has translated into these significant price cuts.”

“At the same time, we’ve also made the decision to withdraw our 80% LTV products – we acknowledge it is difficult to secure higher LTV mortgages at present because of the current rental stress rate environment, but will continue to review our options in this area if we feel there is a demand for such products.”

“We’ve also simplified the range in terms of completion fees, shifting all to 2% which we believe is still competitive and inching our fixed-rate booking fees up to £199 after not changing these for the last eight years.”

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