"We have seen that two-year term mortgages are being selected by landlords who want to re-evaluate their situation in the nearer term."
Landbay has reduced rates on its two-year tracker buy-to-let mortgages by up to 90 basis points and added new products to the range.
The two-year tracker products are available for standard property, HMOs, multi-unit freehold blocks (MUFB) and trading companies. All products have a maximum loan-to-value of 75% and no early repayment charges.
The new two-year tracker standard products start at 0.09% + Bank Base Rate (BBR), currently standing at 5.09%, and come with a 4% fee.
For small HMO/MUFB up to six bedrooms, two-year trackers are from 0.39% + BBR, taking the rate to 5.39%, again with a 4% fee.
The existing range of two-year trackers have price reductions of 90 basis points for standard property and 80 basis points for small HMO/MUFB and trading companies.
The largest reductions are to standard tracker products, now available from 1.09% + BBR with a 2% fee and 0.59% + BBR with a 3% fee.
Small HMO/MUFB trackers have been reduced by 80bps and now start from 1.39% + BBR with a 2% fee and 0.89% + BBR with a 3% fee.
Trading company standard two-year trackers have also reduced by 0.90% and now start from 0.79% + BBR with a 3% fee, while trading company small HMO/MUFB rates have reduced by 80bps and are now available at 1.09% + BBR with a 3% fee.
Paul Brett, managing director of intermediaries at Landbay, commented: “We have seen that two-year term mortgages are being selected by landlords who want to re-evaluate their situation in the nearer term.
“Our tracker products provide flexibility, with an option to move to a lower rate with no early repayment charges if the base rate reduces. And of course, if the Bank of England base rate continues to rise, landlords have the freedom to exit the tracker whenever they like as they are not tied in.”
