Buy-to-let lender, Landbay, has announced rate reductions of up to 0.10% across its premier two and five-year fixed-rate products, which also covers both product transfer and like-for-like remortgages.
Premier is a range of standard products for landlords with up to 15 properties, available to both individual and limited company landlords and featuring some of Landbay’s most competitive rates.
A five-year fixed rate is available at 4.04% with a 5% fee and a two-year fix has reduced to 3.29% with a 4% fee, available up to 75% LTV.
With a 1% fee, five-year fixed rates are available at 4.84% and two-year fixed rates from 4.79%.
A like-for-like two-year fixed rate is also down to 4.29% (stressed at 4.5%), with a 2% fee.
In addition, Landbay has also launched four new specialist holiday let small MUFB products as part of its specialist range.
Five-year fixed rates are available at 5.49% with a 5% fee and 5.89% with a 3% fee, with two-year fixed rates at 4.39% with a 5% fee and 5.39% with a 3% fee, all available up to 75% LTV.
The lender has also introduced a new feature which will allow landlord borrowers to make overpayments of up to 5% each year on new applications.
Rob Stanton, sales and distribution director at Landbay, said: “With all our products offered within the premier range, our focus is on keeping rates and criteria sharp, while providing more choice for brokers and their landlord borrower clients. Today we’ve been able to cut rates further across both two and five-year fixes, which come with different fees, delivering a tailored offering for different landlord borrower needs.
“The four new specialist holiday let small MUFB products provide brokers and their clients with a greater product range depth in what is a growing sector, as landlords seek to diversify and access those areas of the market that can deliver greater yield and profitability.
“We’ve also been able to add a 5% overpayment function across our entire buy-to-let mortgage range which allows clients to benefit from this greater level of flexibility if they have spare money to put towards their mortgage.
“Overall, we believe these rate cuts, new products and new functionality offers brokers and borrowers an array of different options from Landbay. This, at a time when post-Budget certainty means landlords are more likely to be active and taking their next steps, either for new purchases, remortgages or indeed PTs.”
