"We are targeting the mid-range of loans between £250,000 and £500,000 as there will be a large amount of remortgaging over the next few months in this price bracket."
As November is traditionally a busy remortgage month, Landbay has released the five limited edition products to co-inside with expected demand.
LTVs are either 65% or 75% with a free valuation option on standard remortgage products. In addition, the new range caters for HMOs and MUFBs up to 6 bedrooms or units.
The new range has lower rates than Landbay’s core products of between 15 and 25 bps.
Standard five-year fixed rates start at 2.95% up to 65% LTV and 3.09% up to 75% LTV, while small HMO and MUFB products are available at 3.34% up to 75% LTV.
Paul Brett, managing director of intermediaries at Landbay, commented: “We are targeting the mid-range of loans between £250,000 and £500,000 as there will be a large amount of remortgaging over the next few months in this price bracket. In particular, we expect to see an increase in demand for remortgaging of HMOs and MUFBs for loans of this size.
“Five-year fixed rates are very popular with BTL borrowers, especially portfolio landlords, as the affordability stress test that is applied is the pay rate. This starts at 2.95% in our new remortgage range – instead of having to apply a stress test of 5.5% for two or three-year fixed rate mortgages, as prescribed by the Prudential Regulatory Authority.”
