Landbay makes further changes with mortgage rates cut by up to 0.20% – The Intermediary

Buy-to-let (BTL) lender Landbay has lowered rates once again, with reductions across its standard 5-year fixed and small house in multiple occupation (HMO) and multi-unit freehold block (MUFB) ranges.

This followed last week’s reduction of up to 0.40% across its standard 2-year and new non-portfolio products.

Rates were cut by as much as 0.20% on its range of standard 5-year fixed rate products, available at up to 65% and 75% loan-to-value (LTV).

Meanwhile, 12 products across its 2-year and 5-year fixed small HMO or MUFB range have been reduced by up to 0.10%.

These products are also available with an LTV of up to 65% and 75%.

This followed the recent cut in the Bank of England base rate, as well as last week’s product changes which also saw the addition of two new standard 2-year fixed options.

Products are available using Landbay’s variable fee structure for increased affordability.

Intermediaries can view and compare products from across the entire range using Landbay’s buy-to-let affordability calculator.

Product highlights include: small HMO or MUFB 2-Year fixed up to 75% LTV rates from 4.19%; small HMO or MUFB 5-year fixed up to 75% LTV rates from 5.09%; standard 2-year fixed up to 75% LTV rates from 4.19%; and standard 5-year fixed up to 75% LTV rates from 4.34%.

Rob Stanton, sales and distribution director at Landbay, said: “Following the positive news of a first cut to the base rate since the start of the pandemic, we’re really pleased to be able to respond with a fresh round of rate reductions.

“Even in the current market, five-year fixes are still incredibly popular, while good quality HMOs continue to be in high demand and provide the necessary yields many landlords require.

“Whether it’s introducing new products or making sure our range is as competitive as possible, it’s all part of our commitment to make sure we can support our broker partners in meeting the diverse requirements of their landlord clients.

“While we still cannot predict the path of the base rate or mortgage rates, we can be certain that there is still plenty of opportunities in the buy-to-let sector and lenders like us that are ready and willing to support both brokers and landlords.”