"In the everchanging world of buy-to-let, brokers and landlords alike need access to a wider offering and more flexibility than ever before."
Axis Bank UK has launched a simplified product range including a two-year fixed rate with a fixed £499 completion fee and a five-year fixed rate with no fee.
In addition, where landlords previously had to have three buy-to-let properties to qualify as a professional landlord, the Bank has reduced this requirement to just two properties.
Landbay has also reduced rates and fees in a full-suite product refresh.
The product enhancements include a reduction in rates by up to 0.60% and fee cuts by up to 0.5%. A variety of products will undergo changes, including fixed and tracker products across standard properties, small and large HMOs/multi-units, and expat lending.
Landbay is also launching an exclusive lending update for its packager partners, with its maximum loan size increasing from £1.5m to £2m for any of Landbay’s partners such as Dynamo, 3mc, Brightstar, Complete, Impact, MFB, and Vantage.
Additionally, Keystone has introduced cashback across all of its products.
A £750 cashback offer will be available on loans under £250,000 and £1,250 is offered at completion for loans between £250,001 and £1m.
Jason Neale, head of buy-to-let business at Axis Bank UK, said: “Buy-to-let mortgages have become far too complicated so we were keen to simplify the product range as much as possible in order to make it easy to find and understand the product choices.
“With flexibility on property and tenancy types, a choice of no completion fee products coupled with very competitive pay rates for both individuals and limited companies, our revised product range is well placed to meet the needs of the modern landlord".
Paul Brett, managing director of intermediaries at Landbay, commented: “In the everchanging world of buy-to-let, brokers and landlords alike need access to a wider offering and more flexibility than ever before. Landbay prides itself on putting its intermediary partners front and centre, attending broker events around the country to ensure we’re meeting the requirements of the market.
“This product revamp is designed to help brokers support more of their landlord clients. The increased loan size and reduced rates will ensure we remain competitive in the market. This is especially the case in more unusual cases, which are becoming ever more commonplace in the specialist world of buy-to-let.”
Phil Riches, sales and marketing director at Keystone, added: “We have had the cashback offer with different variations for almost three months with a lot of positive feedback from brokers and we received a number of comments about increasing the offering to our 80% LTV products.
"We hope that this offering will prove popular with brokers and will help their clients with the cost of remortgaging their BTL properties. It shows that we are happy to listen and receive input from brokers and that we will accommodate where we can.”
