Landbay makes 80 changes to product range and lowers rates
Specialist buy-to-let lender Landbay has made more than 80 changes to its product range including a host of rate reductions with rates starting from 4.09%.
Among the highlights of the changes are rate reductions of up to 0.20% across a variety of products. These include Landbay’s two-year fixed rate range for standard properties and two and five-year fixed rates for small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
The two-year Like for Like remortgage products, for landlords with no change to their borrowing requirements, have been lowered by up to 0.20%. The added benefit here for affordability purposes is that the ICR stress test is at payrate plus 1% instead of the standard payrate plus 2%.
Landbay’s Trading Company product range also benefits from a 0.20% rate reduction.
All products have a variable fee structure and the five-year fixed rates are stressed at payrate.
Examples of two and five-year fixed products
- Standard two-year fixed 55% LTV starting from 4.09%
- Standard two-year fixed 75% LTV starting from 4.89%
Small HMO/MUFB two-year fixed 65% LTV starting from 4.64%
- Small HMO/MUFB two-year fixed 75% LTV starting from 4.94%
Small HMO/MUFB five-year fixed 55% LTV starting from 5.99%
- Small HMO/MUFB five-year fixed 75% LTV starting from 5.89%
Like for Like standard two-year fixed remortgage products
- 65% LTV starting from 4.64%
- 70% LTV starting from 4.34%
Rob Stanton, business development director at Landbay, commented: “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.”
Landbay’s upgraded buy-to-let affordability calculator allows intermediaries to view and compare all products quickly and easily, which is particularly useful when comparing interest rates and fees.