"There is clearly still an incentive for landlords to have properties with a higher EPC level, and over the long-term the lower rates available on Green products will provide a significant monthly mortgage cost saving"
- Steve Cox - Fleet Mortgages
Fleet Mortgages has announced new rates for all two and seven-year fixes across its three core ranges: standard, limited company and HMO/multi-unit block.
According to the lender, rates have been reduced by 20 bps across various products including:
For standard/limited company borrowers – a two-year fix up to 75% LTV is now at 5.44% and a Green seven-year fix – for properties with an A-C Energy Performance Certificate (EPC) rating – up to 75% LTV is now at 5.54%.
For HMO/MUB borrowers - two-year fix up to 75% LTV now at 5.64%; Green seven-year fix up to 75% LTV now at 5.68%.
All two- and seven-year fixes come with a fee of 3% and a revert rate of Bank Base Rate plus 3%.
Steve Cox, Chief Commercial Officer at Fleet Mortgages, commented: “Last week we were able to cut the rates on all our five-year fixed rates and this week we have been able to do the same across our two- and seven-year fixed-rate options, which includes our Green seven-year deal for those purchasing or remortgaging a property with an EPC Level of C or above.
“There is clearly still an incentive for landlords to have properties with a higher EPC level, and over the long-term, the lower rates available on Green products will provide a significant monthly mortgage cost saving, not forgetting the benefits for tenants in terms of lower utility bill costs.
“We also continue to offer £1,000 cashback payment to those landlord borrowers who improve the EPC level of their property to a C or above during the course of the initial fixed-rate period, so again there is money to be saved by improving the energy efficiency of a property right now.
“In the last month, we have cut rates across our entire fixed-rate range and we have launched a new range of Product Transfer options. Added to Green options for both fixes and Trackers, we believe this presents advisers and their landlord borrowers with a wide range of products to suit their wants and needs.”
