If you’ve been waiting for some encouragement from the mainstream lenders, and have been a little disappointed by what they are offering, it might be worth looking at one of the lenders we don’t talk about quite as often.
Fleet Mortgages.
Fleet has been tweaking its range, cutting and reintroducing products, and generally doing the sort of lender-admin stuff that sounds deeply dull until you realise it might actually help the numbers on a deal.
Which, let’s be honest, is about as exciting as buy-to-let mortgages get these days.
The original figures I had for this article were from an earlier Fleet range, so I’ve updated this using Fleet’s current published product information from May 2026.
Here’s what Fleet are offering now
As at Fleet’s current product guide, standard and limited company buy-to-let products include a two-year fixed rate at 75% LTV from 4.49%, with a 3% fee.
There are also two-year tracker options at 75% LTV from 4.50%, priced at Bank Base Rate plus 0.75%, with a 2% fee and no early repayment charges.
That last bit is worth noticing.
No ERCs can be useful if you want flexibility, although obviously a tracker moves with Bank Base Rate, so your payment can move too. It is not a free lunch. It is more like lunch where someone else keeps changing the menu prices.
If you want longer payment certainty, Fleet’s current five-year standard and limited company products include options at 75% LTV from 5.24% with a 3% fee.
They also show a £3,999 fixed-fee option at 5.59%, and a zero-fee option at 5.89%.
That gives investors the usual choice:
Lower rate, bigger fee.
Higher rate, lower or no fee.
Neither is automatically better.
It depends on loan size, holding period and what the deal actually costs over the fixed term.
For HMO and multi-unit block investors, Fleet’s current range shows a two-year fixed rate at 75% LTV from 4.79%, with a 3% fee and £1,000 cashback.
Five-year HMO and MUFB products are also available, including a 5.49% option with a 3% fee, a £3,999 fixed-fee option at 5.79%, and a zero-fee option at 6.14%.
There is also a two-year HMO/MUFB tracker at 5.15%, priced at Bank Base Rate plus 1.40%, with a 2% fee and no ERCs.
So why does this matter?
None of this is market-shattering.
Nobody is going to read Fleet’s product guide and immediately open champagne, unless they’ve had a very strange week.
But for investors trying to make deals work, these small lender movements do matter.
Sometimes a slightly lower rate, a different fee structure, a free valuation, cashback, or a tracker with no ERCs can be enough to make a marginal deal more workable.
Not always.
But sometimes.
And “sometimes” is worth paying attention to in the current market.
The real trade-off: low rate versus big fee
The big thing with Fleet’s current range, as with most buy-to-let products, is the fee trade-off.
A lower rate with a 3% fee can look tempting.
A higher rate with no fee can look expensive.
But depending on the size of the loan, the no-fee option might actually be better over the fixed period.
Or not.
Annoyingly, this is where we have to do maths. I know. Nobody warned us that property investing would involve spreadsheets and mild despair.
The point is simple enough.
Do not just compare the rate.
Compare the total cost.
Look at the product fee, the monthly payment, cashback, valuation costs, legal costs, rental stress test and the exit position at the end of the fixed period.
Assume no one — least of all your lender — is doing you any favours.
Follow-on rate and little extras
Fleet’s current reversion rate is shown as 6.75%, which is Bank Base Rate plus 3%.
That matters because the end of the fixed or tracker period is not the time to discover what the follow-on rate is.
Set a reminder well before expiry.
Ideally a few months before, not the night before while staring at your mortgage statement like it has personally betrayed you.
Fleet also offers free or discounted valuations on standard and limited company products, and its current HMO/MUFB products include £1,000 cashback on two-year and five-year fixed-rate products.
Again, none of this makes a bad deal good.
But it can help reduce friction on a deal that already works.
Who this might suit
Fleet’s current range may be worth a look if you are buying or refinancing at 75% LTV and want a specialist buy-to-let lender rather than just whatever the big names happen to be shouting about this week.
It may also be useful for limited company investors, HMO investors and MUFB investors, where mainstream lenders are not always the easiest fit.
And the tracker options may appeal if you want flexibility and can cope with the payment moving around.
But if you need absolute payment certainty, or your stress levels are already held together with coffee and optimism, a fixed rate may still be the better answer.
Here are the numbers to test before you get too excited
Look at the total cost over the fixed or tracker period.
Check how the product fee affects the real cost of borrowing.
Allow for cashback and valuation costs, but don’t let them distract you from the bigger picture.
Check the rental stress test on the exact product, not a product that looks vaguely similar.
And have a clear exit plan.
Because if the deal only works because you assume rates fall, values rise and nothing ever goes wrong, that is not an investment strategy.
That is a bedtime story.
Bottom line
Fleet’s current range will not change your life.
But it does give investors a few workable lanes to consider, especially around 75% LTV standard, limited company, HMO and MUFB products.
The key is not to get dazzled by the headline rate.
Do the maths, not the marketing.
As ever, this isn’t advice. Don’t draw down loans or mortgages without taking advice from a good mortgage broker.
If you don’t have a mortgage broker, or you’d like a second opinion, I’ll be happy to introduce you to mine.
Just email me at:
and I’ll make the introduction.
Here’s to successful property investing.
Peter Jones
Author, property investor & ex-Chartered Surveyor
P.S. If you’d like help thinking through your buy-to-let strategy properly, you might find my Successful Property Investor’s Strategy Workshop useful.
You can find out more here:
