It also lowers minimum loan size
Specialist buy-to-let lender Landbay has announced new rate reductions across its standard five-year fixed rate product range.
With rates slashed by up to six basis points, the revamped product range now starts at 4.65% and is stressed at pay rate.
Products which had their rates reduced include a 55% LTV deal with a 7% fee, a 70% LTV deal also with a 7% fee, and a 75% LTV deal with a 6% fee. Their rates are now 4.69%, 4.75%, and 4.95%, respectively.
🎉 Further 5-year fixed-rate cuts 🎉— LANDBAY (@LandbayUK) December 7, 2023
We've reduced rates by up to 0.06% across our Standard 5-year fixed rate products. Plus we've also reduced our minimum loan size to £65,000.
Check out our products here 👉https://t.co/3AYTGdgxft pic.twitter.com/wqNYFTbVhx
“Our most recent landlord survey identified growing popularity around five-year fixed rates, with 51% of respondents reporting that they will choose this product when they next come to remortgage,” said Rob Stanton (pictured), sales and distribution director at Landbay. “Following this research, it’s great to be able to reduce rates once again across our five-year fixed rate product range.
“Over the past few weeks, we have shown we’re not shy to reprice products when the opportunity presents itself. We are always assessing the market, listening to customers, and looking at how we can make our range as competitive as possible to support both our broker partners and their landlord clients.”
Landbay said that aside from the reduction in rates, changes have been made to the minimum loan size, which was lowered to £65,000.
The lender added that all its products are available using its variable fee structure for increased affordability. These can now be viewed and compared by intermediaries using the upgraded buy-to-let affordability calculator.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.