Landbay cuts buy-to-let rates

The lender has also announced rate reductions of up to 0.20 per cent across a variety of its products. These include its two-year fixed rate range for standard properties and two and five-year fixed rates for small houses in multiple occupation (HMOs), and multi-unit freehold blocks (MUFBs).

Meanwhile, the two-year Like for Like remortgage products, for landlords with no change to their borrowing requirements, have been lowered by up to 0.20 per cent. Landbay’s Trading Company product range will also benefit from a 0.20 per cent rate reduction.

The ICR stress test will also change to payrate plus one per cent instead of the standard payrate plus two per cent.

Other examples include the standard two-year fixed 75 per cent loan to value (LTV) now opening from 4.89 per cent. The small HMO/MUFB two-year fixed 65 per cent LTV is to start from 4.64 per cent,  plus the small HMO/MUFB two-year fixed 75 per cent LTV is to begin from 4.94 per cent. Also the small HMO/MUFB five-year fixed 55 per cent LTV is to start from 5.99 per cent, and the small HMO/MUFB five-year fixed 75 per cent  LTV will open from 5.89 per cent.

Meanwhile, the Like for Like standard two-year fixed remortgage products at 65 per cent LTV now start from 4.64 per cent, and the 70 per cent  LTV from 4.34 per cent.

Landbay in ‘fortunate position’

Rob Stanton (pictured), business development director at Landbay, said: “As swap rates continue to fall we have once again been able to reduce rates across our product portfolio.”

“We are in the fortunate position to be able to make these changes quickly. It is a competitive market out there and we want to offer viable solutions to intermediaries and their landlord clients for both property purchase and remortgaging. This is not just for standard property but also HMOs and MUFBs as well as trading companies.”