Buy-to-let (BTL) lender Landbay has reduced rates across its standard 5-year fixed range for houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFBs).
Rates on small HMO and MUFBs of up to six bedrooms or units were reduced by up to 0.25%, with the range now starting at 4.89%.
This includes supporting products for trading companies, as well as for first-time landlords.
The updated range is available with Landbay’s variable fee structure.
With fees ranging from 3% to 6%, borrowers can secure a lower rate and enhanced affordability by opting for a higher fee.
The updated range followed the recent addition of 5-year fixed rate products with no product fees.
The first was a standard 5-year fixed rate product at 5.69%, available at 75% loan-to-value (LTV) and with maximum loan size of £1.5m.
The second was added to Landbay’s automated valuation model (AVM) product range, available at 5.69% with 70% LTV and a maximum property value of £750,000.
Product highlights include: a small HMO/MUFB 5-year fixed at 4.89% up to 65% LTV with a 6% fee (was 5.14%); a small HMO/MUFB 5-year fixed at 4.99% up to 75% LTV with 6% fee (was 5.24%); a small HMO/MUFB 5-year fixed at 5.79% up to 75% LTV with 3% fee (was 6.04%); a first-time landlord small HMO/MUFB 5-year fixed at 5.39% up to 75% LTV with 5% fee (was 5.64%); and a trading company small HMO/MUFB 5-year fixed at 5.39% up to 75% LTV with 5% fee (was 5.64%).
Rob Stanton (pictured), sales and distribution director at Landbay, said: “It’s no secret that we take every opportunity to make our product range as accessible as possible for brokers and their landlord clients.
“Our enhanced HMO/MUFB range supports landlords in an important and ever-growing part of the market, especially with a rising student population and the clear challenges facing residential buyers.
“With support for those operating in trading companies or for first-time landlords looking to purchase an HMO or MUFB, we are really pleased to be able to cover all bases with our reduced rates.
“As we continue further into the year, we’ll continue to ensure our range remains competitive and provides valuable opportunities for both our broker partners and their landlord clients across the country.”
