It is the second round of rate cuts that Landbay has made this week.
Landbay has reduced its standard two-year range by up to 0.35 per cent and across its two and five-year small Houses of Multiple Occupation (HMOs)/multi-unit freehold blocks (MUFB) range by up to 0.4 per cent.
Two-year like-for-like products have gone down by up to 0.35 per cent.
The firm is offering up to 55 per cent loan to value (LTV), 65 per cent LTV and 75 per cent LTV and its variable fee structure goes from three per cent to six per cent to improve affordability.
Highlights include its two-year standard at 65 per cent LTV at 3.94 per cent with a six per cent fee and its 75 per cent LTV equivalent the rate is 4.09 per cent.
Its two-year small HMO/MUFB deal at 75 per cent LTV is set at 4.14 per cent with a six per cent fee and its five-year version is 5.09 per cent.
Landbay: ‘Second round of cuts in a week’
Rob Stanton, sales and distribution director at Landbay, said: “Following a considerable rate reduction across our five-year fixed range, we are pleased to announce a second round of cuts in the same week. Today’s news strengthens the tools available to our broker partners to meet the broad range of needs across the entire market.
“There’s no question shorter-term fixes remain popular as landlords weigh up their options in the current market. Changes to our HMO/MUFB range also help landlords answer persistent demand in the rental market among students, transient workers and lower-income individuals.
“Meanwhile, improvements to our like-for-like range are well timed, given the high levels of mortgage maturity still expected across the sector this year.”
Fleet Mortgages reduce all fixed rates
Fleet Mortgages has cut two, five and seven-year fixed rates across its three core ranges: standard, limited company and HMO and MUB range by up to 0.15 per cent.
For standard and limited company borrowers, its two-year fix up to 75 per cent LTV is priced at 4.89 per cent; five-year fixes up to 70 per cent LTV come to 4.59 per cent and up to 75 per cent LTV, pricing stands at 4.99 per cent.
Its green five-year fix (for properties with an A-C Energy Performance Certificate (EPC) rating), up to 75 per cent LTV, has gone down to 4.89 per cent and its green seven-year fix up to 75 per cent LTV has decreased to 4.79 per cent.
Within its HMO/MUB range, its two-year fix up to 75 per cent LTV has fallen to 5.29 per cent and five-year fixes up to 70 per cent LTV are 4.99 per cent and up to 75 per cent LTV pricing comes to 5.33 per cent.
The lender’s green five-year fix up to 75 per cent LTV is 5.23 per cent and its green seven-year fix up to 75 per cent LTV has come to 5.13 per cent.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “A fast-moving mortgage marketplace requires the ability to move quickly and we are therefore pleased to be able to cut rates once again on all our fixed-rate products across our three core ranges.
“All two, five and seven-year fixes are benefiting from a 15 basis point reduction, and we believe this will provide further, highly-competitive product options to advisers with both purchasing and remortgaging landlord clients.”
He added: “Specifically, history tells us that when we have five-year fixed-rate deals at 75 per cent LTV under five per cent payrate, this helps landlord borrowers meet affordability, and is something of a magic number in terms of helping clients secure the loans they require.
“We also have tracker and green tracker options and these are also proving popular for those landlords who want to secure the finance they need right now, with the option to shift to a fix later down the line if rates continue to move lower.
“We are here to support all our adviser partners with all their buy-to-let client needs, so would urge anyone requiring help in this area, to start the conversation with Fleet immediately.”
