This has put some of its rates below five per cent, including a 75 per cent loan to value (LTV) deal priced at 4.95 per cent and an option at 65 per cent LTV with a rate of 4.75 per cent.
At 55 per cent LTV, the five-year fix has a rate of 4.69 per cent.
The lender has also increased the maximum loan sizes available from £1.5m to £2m on 55 per cent LTV and 65 per cent LTV deals. The maximum amount available at 75 per cent LTV has risen from £1m to £1.5m.
Rob Stanton, business development director at Landbay, said: “This is our third round of rate reductions in just over two weeks as we react quickly to movements in the money markets.
“We are also pleased to able to increase our loan sizes for buy-to-let lending at the higher end of the borrowing scale. The rate reductions and maximum loans will give more options to intermediaries looking to find competitive products for their landlord clients.”
MPowered adds free legals and valuations
MPowered Mortgages has cut rates across its range and introduced free legals and free valuations for remortgage.
Reductions have been made to its two and 10-year rates, and its two-year fix at 90 per cent LTV now has a rate of 5.59 per cent with a £999 fee. The fee-free option has a rate of 5.87 per cent.
Its 10-year fixed rates begin from 4.89 per cent at 85 per cent LTV with a £999 fee or 5.09 per cent with no fee. The rates are equivalent for those who want to remortgage with legal assist or cashback.
Its range of remortgage legal fee assistance products will mirror its cashback options, the lender said. It will allow borrowers to choose whether to cover the cost of the remortgage legal works by choosing a conveyancer from its panel or selecting their own conveyancer and receiving cashback on completion.
Both options offer a free valuation. The property must be valued at less than £2m to qualify, have been occupied in the last 12 months and involve no shared ownership or transfer of equity. Additional requirements apply for flats.
The two-year fixes within the range start from 5.61 per cent at 60 per cent LTV with a £999 fee, and go up to 5.81 per cent at 85 to 90 per cent LTV.
There are also three, five and 10-year fixed options.
Matt Surridge, sales director of mortgages at MPowered Mortgages, said: “We are always looking for ways to support borrowers during what is a challenging time to have a mortgage which is why we are offering free standard legals and valuations via our legal assistance range.
“Similarly, we continue to place an emphasis on keeping rates as affordable as possible for borrowers, despite inflationary challenges and ever-evolving swap rates. Reducing rates across our two and 10-year is proof of our continued support for homebuyers, home movers and those looking to remortgage, as they navigate the challenges presented by the cost-of-living crisis.
“As ever, seeking independent professional advice is critical for those looking to buy or remortgage at this point in time. Brokers can help borrowers access and understand the products most suited to them, allowing them to make an informed decision when it comes to their mortgage.”
