Lender reduces rates by up to 20 basis points
Specialist buy-to-let lender Landbay has lowered rates across a variety of its products, with rates now starting from 4.09%.
The rate reductions of up to 20 basis points (bps) include the lender’s two-year fixed rate range for standard properties and two- and five-year fixed rates for small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Landbay’s two-year like-for-like remortgage products, for landlords with no change to their borrowing requirements, have also been cut by up to 20bps. The interest cover ratio (ICR) stress test is at payrate plus 1%, instead of the standard payrate plus 2%.
The lender’s trading company product range also had a 0.20% rate reduction.
Landbay said all of its products had a variable fee structure and the five-year fixed rates were stressed at payrate - its upgraded buy-to-let affordability calculator allowed intermediaries to view and compare all products and was particularly useful when comparing interest rates and fees.
“As swap rates continue to fall, we have once again been able to reduce rates across our product portfolio,” said Rob Stanton (pictured), business development director at Landbay. “We are in the fortunate position to be able to make these changes quickly.
“It is a competitive market out there, and we want to offer viable solutions to intermediaries and their landlord clients for both property purchase and remortgaging. This is not just for standard property but also HMOs and MUFBs, as well as trading companies.”
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