Specialist buy-to-let lender Landbay has added 2-year tracker products to its like-for-like remortgage range.
The products were designed for landlords looking to remortgage with no change to their borrowing requirements, and will be stress tested at a lower interest cover ratio (ICR) of pay rate plus 1%.
The new like-for-like standard remortgage 2-year tracker products go up to 75% loan-to-value (LTV) and include no early repayment charges (ERCs).
Landbay also reduced rates on its existing standard, small house in multiple occupation (HMO), and small multi-unit freehold block (MUFB) 2-year trackers, by up to 0.18%.
Its standard 2-year trackers were reduced by 0.08%, while its small HMO or MUFB products were reduced by 0.18%.
Landbay added three loyalty remortgage 2-year tracker products; a standard at 75% LTV at a rate of 0.41% plus the base rate, and two for small HMOs and MUFBs at 0.61% and 0.11%, plus the base rate.
Rob Stanton, business development director at Landbay, said: “With as much as £66bn in buy-to-let mortgages still set to mature by the end of the year, expanding our remortgage offering with new two-year trackers gives intermediaries a wider portfolio to secure this business.
“Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate.
“News of a softer stress test on like-for-like remortgage products and rate reductions will be welcome too, helping brokers increase the borrowing potential of their clients.
“Utilising our own system and technology enables us to constantly innovate and respond quickly to both market changes and client demand.”
