Buy-to-let specialist Fleet Mortgages has cut rates on its five-year fixes by up to 20 bps. 

As a result, a five-year fix is now priced at 5.14%, or 5.54% at 75% LTV. These rates are available at on both its standard and limited company ranges, with the 70% LTV deal charging a 5% fee and all other products having a 3% fee. 

These rates reductions also apply to Fleet’s fixed-year fixed rate green mortgage product — available on properties with an EPC rating between An and C. This will now be priced at 5.44% and is available up to 75% LTV. It also has a 3% fee. 

These new rates are effective from 8 November.

All products come with an interest coverage ratio  based on the product’s pay rate, calculated at 125% for basic-rate taxpayers and 145% for higher-rate tax payers. 

Fleet also continues to offer landlord borrowers a £1,000 cashback payment if they improve the EPC level of the property to a C or above during the course of the initial fixed-rate period. 

Fleet’s current service levels are 48 hours for assessment of documents and turnaround of valuations, and 24 hours for DIP reviews. 

Fleet Mortgages chief commercial officer Steve Cox says that a more more certain interest rate environment has helped calm money markets. “Since the Bank of England’s decision to hold the base rate was announced last week, we’ve seen some further downward movement in swaps, and coupled with the strength of our own funding position, we’ve been able to make these price cuts.”

He adds that the lender anticipates making further rate changes soon. He says Fleet will continue to actively review rates across its products lines in light of ongoing movements in money markets and greater levels of competition in the buy-to-let market.