Landbay has rolled out enhancements to its suite of 2-year tracker mortgage offerings. The revamp includes rate reductions by up to 0.90% along with the launch of new products.
The enhanced 2-year tracker products, which cater to standard properties, Houses in Multiple Occupation (HMOs), Multi-Unit Freehold Blocks (MUFBs), and trading companies, now come with a lower rate. All these products maintain a maximum loan-to-value ratio of 75% and do not have any early repayment charges.
The updated 2-year standard tracker product begins at a rate of 0.09% plus the Bank Base Rate (BBR), which currently stands at 5.09%, alongside a 4% fee. For smaller HMO/MUFB properties housing up to six bedrooms, 2-year trackers start from 0.39% plus BBR, raising the rate to 5.39%, again accompanied by a 4% fee.
Landbay has also announced substantial price cuts across its existing range of 2-year trackers. Notably, standard properties enjoy a 0.90% reduction, with the new rates starting at 1.09% plus BBR with a 2% fee, and another option at 0.59% plus BBR with a 3% fee.
Small HMO/MUFB rates now start at 1.39% plus BBR with a 2% fee, and another variant is available at 0.89% plus BBR with a 3% fee.
Trading companies also benefit from the rate cuts, with the standard 2-year tracker rate at 0.79% plus BBR with a 3% fee, and the small HMO/MUFB rate standing at 1.09% plus BBR with a 3% fee.
Paul Brett (pictured), managing director, intermediaries at Landbay, said: “Our tracker products provide flexibility, with an option to move to a lower rate with no early repayment charges if the base rate reduces.
“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.”
