Rates have been reduced by up to 0.20 per cent across five-year fixed rates up to 75 per cent loan to value (LTV) for standard properties with variable free structure for interest coverage ratio (ICR) calculations. The option with a rate of 6.29 per cent has a four per cent fee, while the 6.49 per cent option has a three per cent fee and the 6.69 per cent product has a two per cent fee.
The lender has also cut pricing for mortgages on HMO and MUFBs up to 75 per cent LTV. The five-year fix for small HMOs or MUFBs with up to six bedrooms or units is prices at 6.79 per cent. For large HMOs and MUFBs with up to 12 beds and units, the rate is 6.89 per cent.
Additionally, Landbay has reduced the rate on its two-year fixed rate for large HMOs and MUFBs at 75 per cent LTV by 0.25 per cent to 6.59 per cent.
The lender has also reintroduced green and trading company products following a resettling of the mortgage market.
Green mortgages include a five-year fix at 65 per cent loan to value (LTV) priced at 6.39 per cent and a 75 per cent LTV option with a rate of 6.49 per cent. These are available for properties with an EPC rating between A and C.
Mortgages for trading companies borrowing on standard properties, small HMOs and MUFBs are available up to 75 per cent LTV. The five-year fixed option for standard properties has a rate of 6.79 per cent, while for HMOs and MUFBs, the rate is 6.89 per cent.
Paul Brett, managing director, intermediaries at Landbay, said: “The rapid increase in pricing has been tough for everyone. As one of the few lenders offering products catering for trading companies, I’m glad we’re able to service that part of the market again and to reintroduce our green range.
“As a carbon neutral company, we’re keen to encourage landlords to upgrade their properties to EPC ratings of A, B or C or purchase new builds that are generally higher rated.”
Keystone reduces variable rates
Keystone Property Finance has cut pricing across all its variable rate mortgages by 0.15 per cent.
These now start from 5.5 per cent, which is the base rate plus 2.5 per cent at 65 per cent LTV. At 75 per cent LTV, this is priced at 5.6 per cent.
The lender’s range for HMOs and multi-unit properties now begins at 5.75 per cent at 65 per cent LTV and 5.85 per cent at 75 per cent LTV.
The standard expat variable range now starts at 5.9 per cent while the specialist alternatives begin at 6.15 per cent.
Options for holiday let start from 6.1 per cent.
Borrowers on variable rates who completed from September onwards will be able to move onto fixed rates with no cost through Keystone’s recently launched ‘switch and fix’ proposition.
Elise Coole, managing director at Keystone Property Finance, said: “We’re delighted to be able to introduce cost savings for landlords at a time when the news is dominated by how much rates are rising
“These reductions not only help brokers and borrowers to secure an even better deal from Keystone, they put our range right up there with anything in the specialist end of the buy-to-let market.
She added: “As always, we will continue to listen to brokers over the coming weeks and months to consider how else we can improve our range, whether that be through further rate reductions or criteria enhancements to make our product suite even more attractive.”
