The two-year tracker products, which are available up to a maximum of 75 per cent loan to value, have had their rates reduced by 90 points for standard properties and 80 basis points for small houses in multiple occupation (HMO), multi-unit freehold blocks (MUFB) and trading companies.
As a result, the standard rate includes a tracker at base rate plus 0.59 per cent, with a three per cent fee, while the small HMO/MUFB deals include a deal at base rate plus 0.89 per cent with a three per cent fee. The standard two-year tracker for trading companies starts at base rate plus 0.79 per cent, again with a three per cent fee.
Landbay has also added new products to its tracker range. The new standard tracker starts at base rate plus 0.09 per cent, while the new small HMO/MUFB deals start at base rate plus 0.39 per cent. Both come with a four per cent fee.
Paul Brett (pictured), managing director of intermediaries at Landbay, said the lender had noticed increased demand in two-year term mortgages from landlords who want to be able to re-evaluate their situation “in the nearer term”.
He continued: “Our tracker products provide flexibility, with an option to move to a lower rate with no early repayment charges if the base rate reduces. And of course, if the Bank of England base rate continues to rise, landlords have the freedom to exit the tracker whenever they like as they are not tied in.”
