The changes apply to two-year fixed rates for standard properties, houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB).
The lender said that it could reduce rates due to its “diverse range of funders”. Over the past few months, rate rises have become the norm with lenders.
Landbay’s two-year fixed rate for standard property at 75 per cent loan to value (LTV) has fallen from 4.99 per cent to 4.89 per cent.
The two-year fixed rate for standard property at 80 per cent LTV had been cut by 0.2 per cent to 5.09 per cent.
Landbay’s two-year fixed rate for small HMOs and small MUFB at 75 per cent LTV has been from by 0.3 per cent to 5.4.89 per cent.
The lender has been updating its proposition over the past few weeks, restructuring its buy-to-let term tracker range, launching 10-year mortgages and partnering with Phoenix Group on long-term fixed rates.
Cutting rates to provide “certainty”
Paul Brett, Landbay’s managing director for intermediaries, said that its “wide and diverse range of funding” allowed its cut rates while rates from other lenders continue to rise.
He continued: “With the Bank of England widely expected to raise base rate again later this week, we recognise that this is a really important time for landlords and property investors to lock into a lower-cost fixed rate deal.
“This rate reduction on our two-year fixed rate range will enable investors to remove some of the volatility from their costs, providing an element of certainty at this crucial and uncertain time.”
