Fleet Mortgages has cut prices across its five-year fixed-rate mortgage range.

The five-year fixed rates are the same for both standard and limited company borrowers.

The BTL specialist lender has cut rates on its 60 per cent LTV products from 3.54 per cent to 3.49 per cent with a rental calculation of 125 per cent at 5.5 per cent; it’s pay rate product is cut from 3.69 per cent to 3.59 per cent with rental calculation of 125 per cent at 3.59 per cent.

Products at 70 per cent LTV have also had rates cut by five basis points from 3.59 per cent to 3.54 per cent with a rental calculation of 125 per cent at 5.5 per cent, with Fleet’s pay-rate product rate is cut from 3.75 per cent to 3.65 per cent with the rental calculation of 125 per cent at 3.59 per cent.

Pay rate products at 75 per cent LTV have had rates cut by six basis points from 3.85 per cent to 3.79 per cent with the rental calculation of 125 per cent at 3.79 per cent; Fleet’s other five-year 75 per cent LTV product remains at 3.69 per cent.

All revert rates are linked to BBR, reverting to BBR plus 5 per cent (currently 5.1 per cent).

The lender has also changed its initial rate end dates for all products to the 30 April 2023 for two-year deals and the 30 April 2026 for five-year.

Fleet chief commercial officer Steve Cox says:  “We believe it’s important to start the year as you mean to go on, and one of the ways we can wish our intermediary partners (and their clients) a very happy new year, is with these product rate cuts and a continued focus on criteria amends in order to offer as much flexibility as we can to landlord borrowers. 2021 is shaping up to be a significant year in the buy-to-let market and private rental sector, and these rate cuts for both standard and limited company borrowers should help those who might wish to add to portfolios or are seeking to refinance properties in their portfolio.

“Service is a key part of the overall advice decision and we remain committed to working through documents and assessing cases as quickly as possible. At the time of writing, we are reviewing all documents within three days, conducting same-day DIP reviews, and committing to a valuation turnaround within two days. Our service levels are fully transparent and updating continuously on the Fleet Mortgages website, and we believe that – coupled with our excellent rates and market knowledge – advisers will find plenty of compelling reasons to use us in the months ahead.”