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Landbay launches 10-year buy-to-let mortgages

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  • 20/07/2022
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Landbay has launched a decade-long fixed rate mortgage range for landlords.

 

The lender is introducing four products initially  on a semi-exclusive basis with wider distribution later in the year. It comes after Landbay announced that it had partnered with Phoenix Group to fund a long-term fixed rate range.

The deals are for standard properties and small houses in multiple occupation (HMO), which is up to six bedrooms. These products will also be available with green options, which have reduced rates for properties with an Energy Performance Certificate (EPC) rating of A, B or C.

The range will feature two standard 10-year fixed rates at 65 per cent and 75 per cent loan to value (LTV) with a rate of 4.04 per cent and 4.24 per cent respectively.

The small HMO product is priced at 4.34 per cent at 75 per cent LTV.  A green standard 10-year fixed rate of 4.04 per cent at 75 per cent LTV is also included in the range.

The mortgages are available to landlords with at least 24 months experience and a further advance option is available after three years.

Paul Brett (pictured), managing director for intermediaries at Landbay, said: “Now that the Monetary Policy Committee has voted to raise base rate at each of its last five meetings, more borrowers are considering longer-term fixed rates.

“The launch of our 10-year fixed rates is therefore timely and we know there will be demand for them. With the launch of our new broker portal in May we are now able to design new products and bring them to market much more quickly than before.

“As this is our first foray into the 10-year fixed rate market, we have chosen a select group of specialist distributors to assist us in the launch process.”

Rob Jupp, chief executive of the Brightstar Group, one of the initial distributors of Landbay’s new range, added: “We are seeing more lenders bringing in 10-year fixed rates, which is good for the market. Landbay’s entry brings extra choice for brokers who are receiving more requests for longer-term fixed rate mortgage products.”

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