Fleet Mortgages has implemented rate cuts across its 3% fixed rate and 75% five-year loan-to-value (LTV) products, in addition to reintroducing a wider range of product options and introducing new product transfer (PT) tracker products with two-year terms.
The lender has cut rates by 20 basis points on its standard, limited liability company and HMO/MUFB five-year interest rates with a 3% fee.
This includes rate reductions of up to 5.04% for standard and limited liability companies, and 5.49% for HMO/MUFB.
In addition, Fleet has reintroduced a wider selection of five-year fixed rate products, including zero rate and £3,999 fixed rate alternatives.
Within the standard and limited company ranges, the five-year options now include a zero rate product of 5.69% and a £3,999 fee option of 5.39%.
Equivalent products are also available for HMO/MUFB loans, with prices starting from 6.14% 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 the bank rate (BBR) plus 0.5%, currently 4.25%, and HMO/MUFB products priced at BBR + 1.15%, currently 4.90%.
These products are subject to a 2.5% completion fee.
Fleet Mortgage Chief Commercial Officer Steve Cox said: “These latest changes are aimed at giving advisers more product options that reflect the different ways landlords are currently approaching the market.”
Elsewhere, Vida has introduced a series of changes to home products and criteria.
The lender has reduced interest rates on selected home products by up to 106 basis points.
In addition, Vida has implemented a number of improvements to the housing criteria, aimed at borrowers with complex income streams.
For self-employed persons, the minimum trading history has been reduced from two years to twelve months.
Where applicants have been trading for between 12 and 24 months, brokers are no longer required to submit an accountant reference with a current year projection.
Vida now accepts three months of business bank statements and one month of personal bank statements.
The lender has also extended the acceptable age of final annual accounts from 18 months to 21 months, giving brokers more flexibility in filing cases.
Contractors will benefit from a reduction in the minimum remaining term of a contract, which has been reduced from three months to one month.
In addition, it has updated its variable income approach and now accepts 100% of commission income, up from 75%, for affordability assessments.
Buy-to-let (BTL) product rates have also been reduced by up to 80 basis points, and higher fee options have been reintroduced to the 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 interest rate cuts on to borrowers, we’re making it easier for brokers to place business with confidence.”
Meanwhile, CHL is withdrawing a number of limited edition and short-term rental products at 5pm today and will launch new deals to replace them.
The new rates available tomorrow will be up to 25 basis points lower.