The three products will be stress tested at a lower interest coverage ratio (ICR) of pay rate plus one per cent. This compares to its usual stress rest of pay rate plus two per cent.
The newly-added tracker deals include a deal with a rate of 1.01 per cent plus the bank base rate (BBR) with a two per cent fee, and an option at 0.51 per cent plus BBR with a three per cent fee.
There is also an option priced at 0.01 per cent plus BBR, with a four per cent fee.
All products are available for a standard remortgage.
Landbay has also reduced its rates on standard, small houses in multiple occupation (HMO) and small multi-unit freehold block (MUFB) two-year tracker deals by up to 0.18 per cent.
This includes its standard two-year tracker with a two per cent fee which has been cut by 0.08 per cent to 1.01 per cent plus BBR. Another standard two-year tracker has been reduced by the same amount, 0.08 per cent to 1.21 per cent plus BBR. This has a four per cent fee.
For small HMO and MUFB, a two-year tracker has been lowered by 0.18 per cent to 1.21 per cent plus BBR with a two per cent fee, while the option with a four per cent fee has been cut by the same amount to 0.21 per cent plus BBR.
Lastly, the lender has launched loyalty remortgage two-year trackers. These include a standard product with a rate of 0.41 per cent plus BBR, and a three per cent fee. There is also a product for small HMOs and MUFBs priced at 0.61 per cent plus BBR with a three per cent fee, and another with a rate of 0.11 per cent plus BBR and a four per cent fee.
All products listed are available at 75 per cent loan to value (LTV) and have no early repayment charge (ERC).
Rob Stanton (pictured), business development director at Landbay, said: “With as much as £66bn in buy-to-let mortgages still set to mature by the end of the year, expanding our remortgage offering with new two-year trackers gives intermediaries a wider portfolio to secure this business. Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate.
“News of a softer stress test on like-for-like remortgage products and rate reductions will be welcome too, helping brokers increase the borrowing potential of their clients. Utilising our own system and technology enables us to constantly innovate and respond quickly to both market changes and client demand.”
Fleet Mortgages at five-year fixes
Specialist buy-to-let lender Fleet Mortgages has launched five-year fixed mortgages to its standard, limited company, and HMO/multi-unit block ranges.
These are available at 70 per cent LTV and rates begin from 5.69 per cent for standard and limited company borrowers, or 5.89 per cent for HMO and multi-unit borrowers. There is also a five per cent fee.
The lender said the pricing for its core current range would remain the same, but fixed rate deals and green fixed rate products with percentage fees had risen from two to three per cent.
Fleet Mortgages will still offer lifetime tracker and green lifetime tracker deals up to 75 per cent LTV with a two per cent fee.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “Affordability for buy-to-let borrowers remains a significant challenge in this higher rate environment so at Fleet we want to ensure we provide an array of product options which might help advisers and their clients to secure the finance they need.
“The launch of these new five-year 70 per cent LTV fixed-rate products, which come with a lower rate and higher fee are designed to do just that, and from previous forays into this space, we know they are proving popular. Alongside our other five-year products, plus our green options for both fixes and lifetime trackers, we are hopefully offering a range of solutions that landlords can utilise.”
