Landbay, a buy-to-let mortgage lender, has begun the new year with a substantial rate reduction across its entire standard 5-year fixed rate mortgage range.
The rates have been reduced by up to 0.46%, with the product range now starting at 4.39%.
This range is available for loan-to-values (LTVs) of up to 55%, 65%, and 75%, and it utilizes Landbay’s variable fee structure, which ranges from 3% to 6%, to enhance affordability.
In addition, Landbay has confirmed that all its 5-year products will be assessed at the pay rate, with a maximum loan size of £2m, dependent on the LTV. Fixed-fee products remain available for smaller loan sizes.
Landbay’s 5-year range, alongside its entire suite of products, is accessible for intermediaries through its updated buy-to-let affordability calculator.
Rob Stanton, sales and distribution director at Landbay, said: “It’s great to kick start 2024 with a sizeable rate reduction across our entire 5-year fixed range.
“In truth, we start the year as we mean to go on – identifying opportunities in the market to make our range as competitive as possible for our broker partners and their landlord clients.
“As landlords continue to navigate the market, it’s really important that we offer a diverse range of products to suit landlords of all sizes and appetites.
“Our research suggests that 5-year products remain a key choice for landlords moving forward, both in terms of affordability and in certainty of costs.
“We continue to streamline our variable fee structure to keep this important mechanism available for both landlords and brokers, all while reflecting the lower rates we are now working with.”
