Landbay cuts rates across buy-to-let range

Landbay has announced that it has made multiple rate reductions across its buy-to-let range of up to 0.20% across a variety of products.

These include Landbay’s two-year fixed rate range for standard properties and two and five-year fixed rates for small houses in multiple occupation and multi-unit freehold blocks.

The two-year Like for Like remortgage products, for landlords with no change to their borrowing requirements, have been lowered by up to 0.20%. The added benefit here for affordability purposes is that the ICR stress test is at a pay rate plus 1% instead of the standard pay rate plus 2%.

Landbay’s Trading Company product range also benefits from a 0.20% rate reduction.

All products have a variable fee structure and the five-year fixed rates are stressed at pay rate.

For two-year fixed products, there is a standard two-year fixed 55% LTV starting from 4.09% and a standard two-year fixed 75% LTV starting from 4.89%.

In addition to this, a small HMO/MUFB two-year fixed 65% LTV is available from 4.64%, a small HMO/MUFB two-year fixed 75% LTV starting from 4.94%, small HMO/MUFB five-year fixed 55% LTV starting from 5.99%, and a small HMO/MUFB five-year fixed 75% LTV starting from 5.89%.

Like-for-like standard two-year fixed remortgage products include a 65% LTV starting from 4.64% and a 70% LTV product starting from 4.34%.

Rob Stanton, business development director at Landbay, commented: “As swap rates continue to fall we have once again been able to reduce rates across our product portfolio. We are in a 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.”