Fleet Mortgages has cut buy-to-let mortgage rates by up to 15 basis points today, while Santander has given brokers warning that it is increasing rates by up to 9 basis points tomorrow.

In an update to advisers, Santander says that in its residential and buy-to-let new business range, most rates will rise, but it does not say by how much.

In its product transfer range, residential fixed rates will climb by up to 9 bps and buy-to-let fixed rates by up to 5 bps.

Meanwhile, Fleet Mortgages has lowered two and five-year fixed rates at 75% loan-to-value by 10-15 bps for both landlords borrowing in their own name and limited companies.

A two-year fixed with 3% fee for properties with an Energy Performance Certificate rating of A-C has come down from 3.89% to 3.79%.

Still within the 75% LTV tier, the equivalent product for properties with an EPC rating of D or below has dropped from 3.99% to 3.89%, with the same 3% fee.

The corresponding five-year fixed rates have also reduced by 10 bps to 4.54% for EPC A-C and 4.64% for D and below with the same fee.

Its fee-free five-year fixed has come down by 15bps to 5.19% and its £1,999 fixed fee option has come down by 10 bps to 4.99%, all at 75% LTV.

Fleet has withdrawn all existing 55% LTV products and a number of 65% LTV deals.

Fleet Mortgages chief commercial officer Steve Cox says: “These changes highlight Fleet’s ongoing commitment to providing highly competitive pricing across the most in-demand parts of the buy-to-let market for landlord borrowers.”

The reductions from Fleet come as Moneyfacts yesterday revealed that buy-to-let mortgage rates are at their lowest level since September 2022.