“It’s often felt like 5% is the ‘magic mark’ when it comes to landlord borrowers meeting affordability and securing the levels of loans they require, so it’s incredibly pleasing to be offering these new two-year fixed rate products, cutting existing rates, and also offering our 3% fee five-year fixed rate product to standard and limited company borrowers below the 5% mark,” said Steve Cox (pictured centre), chief commercial officer at Fleet Mortgages.
Meanwhile, United Trust Bank joined the trend by reducing rates across its entire buy-to-let product range by up to 40bps.
The lender’s updated rates include two-year fixes from 5.69% and five-year fixes starting at 5.29% for standard properties. Specialist and non-standard products, such as those for houses in multiple occupation (HMOs) and holiday lets, also saw significant reductions.
“Last week’s base rate cut was welcome news for all mortgage borrowers, both in terms of reducing repayments but also helping to address the affordability gap,” said Buster Tolfree (pictured right), director of mortgages at United Trust Bank. “We have moved quickly to pass on the lower rates now available in the market and will follow up with more announcements on other products in UTB’s mortgage range soon.”
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