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Landbay cuts rates on two-year fixes and reduces ICR
Landbay has reduced rates on two-year fixed rate mortgages and brought down its income cover ratio (ICR) requirements for basic tax rate borrowers.
It is the second rate cut of the year from the buy-to-let specialist lender.
The two-year fixed rate range has now fallen by up to 0.30 per cent for standard, small HMOs and MUFBs plus trading companies.
The lender now offers a standard mortgage at 75 per cent loan to value (LTV) with a rate of 5.09 per cent and three per cent product fee.
Small HMO rates start at 5.29 per cent and the trading company standard product at 5.39 per cent, also at 75 per cent LTV and three per cent product fee.
At the same time, Landbay is bringing its ICR requirements in line with the wider market for basic rate taxpayers to 125 per cent from 140 per cent.
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This applies to standard properties as well as HMOs and MUFBs.
Landbay: ‘Second rate reduction of 2023’
Paul Brett, managing director, intermediaries at Landbay (pictured), said: “Less than two weeks into the new year and we are pleased to announce our second rate reduction for 2023, which is great news for brokers and their landlord clients.
“We have also dropped the ICR calculation for basic rate taxpayers, bringing it in line with the wider market. This will help smaller landlords to borrow more than they previously could.”
Last week, Mortgage Solutions reported that the firm had re-released its special edition five-year fixed rate buy-to-let mortgages.