Specialist buy-to-let (BTL) lender Landbay has made more than 80 changes to its product range, including rate reductions, with rates starting from 4.09%.
The highlights include rate reductions of up to 0.20% across various products.
This includes Landbay’s 2-year fixed rate range for standard properties and 2-year and 5-year fixed rates for small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
The lender’s 2-year like-for-like remortgage products, for landlords with no change to their borrowing requirements, have been lowered by up to 0.20%.
For affordability purposes, the interest cover ratio (ICR) stress test is at payrate plus 1% instead of the standard payrate plus 2%.
Landbay’s trading company product range also benefitted from a 0.20% rate reduction.
All products have a variable fee structure and the 5-year fixed rates are stressed at payrate.
Examples of the available fixed rate products include: standard 2-year at 55% loan-to-value (LTV) starting from 4.09%; standard 2-year at 75% LTV starting from 4.89%; small HMO/MUFB 2-year at 65% LTV starting from 4.64%; small HMO/MUFB 2-year at 75% LTV starting from 4.94%; small HMO/MUFB 5-year at 55% LTV starting from 5.99%; small HMO/MUFB 5-year at 75% LTV starting from 5.89%.
Examples of Landbay’s like-for-like standard 2-year fixed remortgage products include: 65% LTV starting from 4.64% and 70% LTV starting from 4.34%.
Rob Stanton (pictured), business development director at Landbay, said: “As swap rates continue to fall we have once again been able to reduce rates across our product portfolio.
“We are in the fortunate position to be able to make these changes quickly.
“It is a competitive market out there and we want to offer viable solutions to intermediaries and their landlord clients for both property purchase and remortgaging.
“This is not just for standard property but also HMOs and MUFBs as well as trading companies.”
