It also makes further rate reductions
Buy-to-let mortgage lender Landbay has introduced new five-year fixed rate mortgage products at 80% loan-to-value (LTV) for standard residential properties and small houses in multiple occupation (HMOs), alongside further rate reductions across its range.
The new products include a five-year fixed rate mortgage for standard properties at an interest rate of 6.39%, with no product fees. Similarly, the version for small HMOs is offered at a 6.59% interest rate, also without product fees.
In addition, Landbay has announced rate cuts on several of its two- and five-year fixed rate mortgages, including a 10-basis point (bps) reduction on two-year fixed rate mortgages for small HMOs and multi-unit freehold blocks (MUFBs), catering to trading companies and first-time landlords.
The lender’s standard two-year tracker mortgage rates have also been reduced by 10bps, now from 0.24% above the Bank of England’s base rate, while the five-year fixed rate mortgage range have also seen a 5bps reduction for products at both 65% and 70% LTVs.
Landbay has made its full product range accessible online for intermediaries through its upgraded BTL affordability calculator.
“Less than two weeks on from our previous round of rate reductions, we are pleased to be able to make further cuts across our product range,” said Rob Stanton (pictured), sales and distribution director at Landbay. “We are also delighted to be in a position to bring a new product to market that is not only at an attractive and accessible LTV for many landlords but boasts no product fees too.
“We’re fully committed to making improvements at the earliest opportunity to best support our broker partners and their clients. Positive news late last week on inflation and further stability on the base rate certainly gave us the scope to reprice. As many landlords weigh up their options in the current market, I’m sure news of a reduction in tracker rates will catch their attention.”
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