Fleet Mortgages has announced it is cutting rates to two 80% LTV products in both its standard and HMO product ranges.

The BTL specialist lender said advisers and their clients will have access to its two-year 80% LTV product for individual landlords, with a rate cut from 3.69% to 3.59%, as well as to the lender’s five-year HMO product, with a rate cut from 4.29% to 4.19%.

The new cuts follow recent changes to Fleet's lending and product criteria introduced earlier this month, which had covered a range of criteria including loan sizes, valuations, transactions between connected parties and gifted deposits.

Fleet distribution director, Steve Cox, commented: “We are constantly reviewing our product offering in terms of both intermediary feedback and competitor analysis. Because of this, and the strong funding lines we have, Fleet is able to cut rates on these two 80% LTV products accessible to both individual landlords and those purchasing/refinancing an HMO property.

“Professional and portfolio landlords are much more likely to be active in the HMO space, plus the changes to the rules last year mean there are now a much larger number of properties classified as such.

“It’s therefore important that we continue to offer access to quality HMO products and ensure that our specialist knowledge and understanding can help advisers with clients active here.

“These rate cuts, coupled with our raft of criteria changes, ensure that Fleet remains at the cutting edge of this specialist market and that we are able to help even more landlords get the finance they need.”

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