Fleet Mortgages has made rate reductions across its 3% fee, 75% loan-to-value (LTV) five-year fixed rate products, alongside the reintroduction of a broader range of product options, and the introduction of new two-year product transfer (PT) tracker products.

The lender has reduced rates by 20 basis points on its standard, limited company and HMO/MUFB five-year fixes with a 3% fee.

This includes rate drops to 5.04% for standard and limited company, and 5.49% for HMO/MUFB.

Alongside this, Fleet has reintroduced a wider selection of five-year fixed-rate products, including zero-fee and fixed £3,999 fee alternatives.

Across the standard and limited company ranges, the five-year options now include a zero-fee product at 5.69% and a £3,999 fee option at 5.39%.

Equivalent products are also available for HMO/MUFB lending, with pricing starting from 6.14% for fee free and 5.79% for the £3,999 option.

The lender has also launched three two-year PT tracker products across all three ranges, with standard and limited company products priced at bank base rate (BBR) plus 0.5%, currently 4.25%, and HMO/MUFB products priced at BBR + 1.15%, currently 4.90%.

These products come with a 2.5% completion fee.

Fleet Mortgages chief commercial officer Steve Cox says: “These latest changes are focused on giving advisers further product options that reflect the different ways landlord borrowers are approaching the market at present.”

Elsewhere, Vida has made a series of residential product and criteria changes.

The lender has reduced rates by up to 106 basis points across selected residential products.

In addition, Vida has made a number of residential criteria enhancements targeted at borrowers with complex income streams.

For self employed applicants, the minimum trading history has been reduced from two years to 12 months.

Where applicants have been trading between 12 and 24 months, brokers are no longer required to submit an accountant’s reference with a current year projection.

Vida will now accept three months of business bank statements and one month of personal bank statements.

The lender has also extended the acceptable age of latest year accounts from 18 months to 21 months, giving brokers greater flexibility when submitting cases.

Contractors will benefit from a reduction in the minimum time remaining on a contract, which has been lowered from three months to one month.

In addition, it has updated its approach to variable income and will now accept 100% of commission income, up from 75%, for affordability assessments.

Buy-to-let (BTL) product rates have also been cut by up to 80bps, as well as reintroducing higher fee options across its BTL range.

Vida head of product Ross Williams says: “We know people’s lives and incomes don’t always run in straight lines, and that’s exactly why we’re making these changes. By improving our criteria and passing on rate reductions to borrowers, we’re making it easier for brokers to place cases with confidence.”

Meanwhile, CHL is withdrawing a number of limited edition and short-term let products at 5pm today and will be relaunching new deals to replace them.

The new rates available tomorrow will be up to 25bps lower.