Fleet Mortgages has launched one-year fixed-rate buy-to-let mortgages priced from 3.49 percent, handing landlords a short-dated alternative to two and five-year deals. The specialist lender has also cut rates on two-year HMO and multi-unit block products by 30 basis points to 4.89 percent, while Molo has trimmed two and five-year specialist rates.
The new Fleet one-year deals are on sale now across its standard, limited company, HMO and multi-unit freehold block ranges at up to 75 percent loan to value. Standard one-year fixes start at 3.49 percent with a 2.5 percent fee and a free valuation on properties worth up to £500,000, while HMO and multi-unit deals start at 3.74 percent with the same fee plus £1,000 cashback. Every one-year product carries a 3 percent early repayment charge during the fixed period, with current end dates running to 31 March 2028.
Short-dated certainty has obvious appeal while swap rates stay choppy and the Budget sits three weeks away. Fleet pitched the range at borrowers who value a fixed payment but refuse to commit for two to five years, a description that fits refinancing landlords deciding whether to sit out further base-rate moves or lock in now.
One-year fixes target uncertain rate outlook
Fleet has aimed the launch squarely at professional and portfolio borrowers, who the lender says make up a significant share of buy-to-let business. The deals are open to new and existing customers on the same terms, removing the loyalty penalty that often irritates landlords with maturing loans.
Steve Cox, chief commercial officer at Fleet Mortgages, said different landlords have very different requirements, and some value payment certainty without a multi-year commitment. “These new products provide that shorter-term alternative across standard, limited company and HMO/MUFB, and importantly they are available to both new and existing customers,” he said.
He added that advisers need a broad product spread to meet varied financing needs, and the new range gives them further options when discussing next steps with landlord clients. A 2.5 percent fee keeps the headline rate low but loads cost upfront, so borrowers with smaller loans should check the true cost against higher-rate, lower-fee options before applying.
HMO and multi-unit borrowers secure sharpest pricing
Landlords running shared housing take the biggest immediate gain. Fleet cut its two-year HMO and multi-unit fixes carrying a 3 percent fee by 30 basis points, leaving pricing from 4.89 percent, and paired the one-year HMO equivalent at 3.74 percent with £1,000 cashback to soften transaction costs.
Molo moved the same day on its specialist book. The digital lender cut two-year specialist fixed rates by five basis points and five-year rates by seven basis points, leaving two-year deals across multi-unit blocks, HMOs and new-build properties from 3.66 percent and five-year deals from 5.38 percent. Semi-commercial pricing fell too, with two-year rates from 5.91 percent and five-year rates from 6.38 percent.
Martin Sims, distribution director at Molo, said financing costs remain a key consideration for landlords and brokers while economic conditions can change quickly. “Where funding conditions allow, we are committed to passing those benefits on to borrowers,” he said. Competition between specialist lenders has been heating up since Paragon Bank cut selected five-year rates in August, and back-to-back repricing suggests none of them wants to concede the autumn refinancing window.
Portfolio landlords remain the prize
This follows Landlord Knowledge’s report on Fleet’s Rental Barometer, which found average landlord portfolios rising to 18 properties with yields at 7.9 percent. The lenders fighting hardest on price are chasing exactly those larger borrowers, whose loan sizes make rate differences and cashback terms count.
One-year money at 3.49 percent undercuts much of the two-year market, but the maths only works for landlords who can absorb a possible remortgage within 12 months. Fleet publishes its latest product changes on its Fleet Mortgages news page, and borrowers should confirm live pricing and criteria there before instructing a broker, since specialist shelves can move within days.
What this means for landlords
- If you are refinancing before Christmas: price a one-year fix against two-year deals on true cost, including the 2.5 percent fee and a second set of fees if you remortgage again in 2027
- If you run HMOs or multi-unit blocks: the 30 basis point cut and £1,000 cashback make Fleet’s one and two-year options worth a fresh quote, while Molo’s 3.66 percent two-year rate sets the comparison benchmark
- Watch for: further repricing around the Budget and the next swap-rate swing – one-year deals can vanish fast, so get a decision in principle before relying on headline rates
- Bottom line: short-term fixes are back as a serious refinancing tool, but fees and exit timing decide whether they beat a longer lock
Editor’s view
Fleet has read the room correctly. Plenty of landlords want shelter from rate noise without marrying a five-year deal three weeks before a Budget. One-year fixes deserve their comeback, provided borrowers treat the 2027 remortgage as a certainty rather than an afterthought.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 20 October 2026
Sources: Fleet Mortgages, Molo, Mortgage Solutions
Related reading: Fleet: landlord portfolios rise to 18 as yields hit 7.9%
