It also reduces rates on existing standard, small HMO and MUFB trackers
Buy-to-let lender Landbay has expanded its like-for-like remortgage range with the addition of three new two-year tracker products.
The lender said the new products were suitable for landlords remortgaging with no change to their borrowing requirements and would be stress tested at a lower interest cover ratio of pay rate plus 1%.
The new like-for-like remortgage standard two-year trackers are available at 75% loan-to-value (LTV) with no early repayment charge. The rates are: 1.01% plus bank base rate (BBR) for the product with a 2% fee; 0.51% plus BBR for the product with a 3% fee; and 0.01% plus BBR for the product with a 4% fee.
Landbay has also reduced rates on its existing standard, small house in multiple occupation (HMO) and small multi-unit freehold block (MUFB) two-year trackers by up to 0.18%.
New loyalty remortgage two-year tracker products were also announced, with the standard product priced at 0.41% plus BBR with a 3% fee. Small HMO and MUFB two-year trackers have rates of 0.61% plus BBR and 0.11% plus BBR for those with 3% and 4% fees respectively.
Mortgage intermediaries can utilise Landbay’s upgraded buy-to-let affordability calculator to view and compare products.
“With as much as £66 billion in buy-to-let mortgages still set to mature by the end of the year, expanding our remortgage offering with new two-year trackers gives intermediaries a wider portfolio to secure this business,” said Rob Stanton (pictured), business development director at Landbay. “Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate.
“News of a softer stress test on like-for-like remortgage products and rate reductions will be welcome too, helping brokers increase the borrowing potential of their clients. Utilising our own system and technology enables us to constantly innovate and respond quickly to both market changes and client demand.”
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