Fleet Mortgages has relaunched its five-year fixes aimed at ‘greener’ homes, while also cutting rates on its product transfer options.
These new five-year fixed rate mortgages are available across the lender’s three core product ranges, and are available to landlords purchasing or remortgaging a property with an Energy Performance Certificate (EPC) rating of A-C.
The standard and limited company products are available up to 75% LTV at a price of 5.04%, while the HMO/MUB product is offered at 5.44%. These comes with a 3% fee, with a minimum charge of £750.
Fleet also continues to offer its £1,000 cashback incentive to landlord borrowers who improve the EPC level of their property to a C or above during the course of their initial fixed-rate period.
Fleet already offers two-year fixed rates deals for properties with EPC ratings of A-C, priced at 10 basis points below the non A-C alternatives.
The buy-to-let specialist has also cut the rates on its two-year product transfer (PT) products for existing customers, again across its standard, limited company and HMO ranges.
The two-year PTs have been reduced by 10 basis points, with new rates of 4.59% for standard and limited company borrowers, and 4.89% for HMO.
Fleet Mortgages chief commercial officer Steve Cox says: “With all private rental sector properties now required to have an EPC of A-C by 2030, we anticipate more landlords will be looking to improve those properties that do not currently make the grade.
“There are a number of reasons for doing this sooner rather than later, not least the opportunity to secure better rates for properties at this level.”
He adds: “Over the course of a five-year term that presents a good mortgage saving and, as we know, a large number of properties may not require a vast amount of work or investment in order to get them to the required level.
“To offset some, or indeed all, of this cost Fleet continues to offer our £1,000 cashback which can be put towards any work as long as it is completed within the fixed term of the mortgage and can be proven with an up-to-date EPC.”
