What are the rates of the new products?
Buy-to-let lender Landbay has added new two-year fixed and tracker products to its like-for-like remortgage range. This update follows the company’s recent adoption of lower stress testing measures.
The new offerings include two-year fixed rate options at 65% and 75% loan-to-value (LTV), starting at 4.54% with a 5% fee. Additionally, two-year standard tracker options are available at the same LTVs, starting at 0.24% plus the bank base rate (BBR), also with a 5% fee. These tracker products come with no early repayment charge (ERC).
These products cater to landlords with no changes to their current borrowing requirements. They benefit from Landbay’s new lower stress testing, which assesses affordability at pay rate rather than the standard pay rate plus 2%.
This adjustment has received positive feedback from brokers and their clients. The new products can be viewed and compared using Landbay’s buy-to-let affordability calculator.
Rob Stanton (pictured), Landbay’s sales and distribution director, expressed enthusiasm in introducing its new products, following positive feedback on their new reduced stress test.
“While the new products bolster the toolkit of our broker partners, the enhanced affordability calculation gives some much-needed breathing space to those landlords remortgaging onto a higher rate than before,” said Stanton.
“It proves to be a popular option for those thinking short-term and do not require any capital raising. It comes at the right time too as we continue to see high levels of remortgage activity across the buy-to-let sector. It’s all part of our ongoing commitment to meet the demands of the market, remain competitive and support our broker partners.”
New products include the following:
- Like-for-like standard 2-year fixed 65% LTV at 4.54% with a 5% fee
- Like-for-like standard 2-year fixed 75% LTV at 4.84% with a 5% fee
- Like-for-like standard 2-year tracker (no ERC) 65% LTV at 0.24% + BBR with a 5% fee
- Like-for-like standard 2-year tracker (no ERC) 75% LTV at 0.49% + BBR with a 5% fee
Established in 2014, Landbay is a mortgage platform supporting buy-to-let customers. It focuses on brokers and their clients, using data, technology, and market expertise. Landbay offers expert support, smart technology for intermediaries, and quick decisions. Landbay has received multiple awards, acknowledging its services and sustainable lending. It is FCA regulated, part of UK Finance, and based in London.
