Landbay cuts two-year fixed rates by up to 0.50%

Specialist buy-to-let lender, Landbay, has reduced rates across its range of two-year fixed rate products by up to 0.50%.

The news means Landbay’s two-year fixed product range now starts at 4.19%, with reductions also including its like-for-like range, available to landlords looking to remortgage with no changes to their borrowing requirements, and are stress tested at pay rate plus 1% instead of the standard calculation of pay rate plus 2%.

Meanwhile, Landbay has also announced a new standard two-year fixed rate product, available at 75% LTV with a 6% fee.

A standard two-year fixed rate at 55% LTV now starts at 4.19% with a 7% fee, while the two-year fix at 75% LTV with a 6% fee has launched at 5.09%.

Small HMO and MUFB two-year fixed rates at 75% LTV have reduced to 5.19% with a 6% fee, while a like-for-like remortgage two-year fixed rate at 75% LTV has reduced to 4.49% with a 7% fee.

It follows news earlier this week that the lender has dropped rates across its limited edition standard five-year fixed rate product range by 0.10%.

Rob Stanton, business development director Landbay, said: “Our most recent survey has shown that shorter fixes are increasing in popularity, as landlords weigh up their options in the current market. We’re pleased to answer this demand by not only adding additional two-year products, but by making significant rate reductions across our range, including for those with a like for like remortgage.

“Having the technology in-house to make these decisions allows us to be incredibly agile and respond to the changing market. Our aim is to give our brokers partners more tools at their disposal to meet the requirements of their clients. As remortgage remains a key driver for business, I’m sure the news of rate reductions, in addition to a softer stress test will be very welcome.”