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Landbay lowers two- and five-year fixed rates

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  • 17/06/2024
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Landbay lowers two- and five-year fixed rates
Buy-to-let (BTL) lender Landbay has reduced the majority of its two- and five-year fixed rates by up to 0.1%.

Landbay said that the reductions applied to all of its two-year fixed rates, barring large houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) and tracker deals.

Pricing for a two-year fixed rate starts from 4.24% at 75% loan to value (LTV) with a 6% fee, a decrease from 4.34%.

Landbay’s two-year fixed rate with a 3% fee at the same LTV tier has decreased from 5.99% to 5.89%.

On the five-year fixed rate side, its five-year fixed rate at 75% LTV with a 7% fee is 4.74%, which is a decrease from 4.84%. Its no-fee version at the same LTV tier has gone down from 6.49% to 6.39%.

At 55% LTV, its two-year fixed rate with a 5% fee has gone down from 4.54% to 4.44%, while its five-year fixed rate equivalent has decreased from 5.09% to 4.99%.

In its five-year fixed rate range, large HMO and MUFB products and two standard five-year fixed rates with a £1,299 fee and 2% fee have been cut by 0.5%.

Rob Stanton (pictured), sales and distribution director at Landbay, said: “Even in the current climate, fixed rate deals remain the product of choice for the majority of landlords. We’re pleased to help brokers answer this demand with a reduction on our two-year and five-year fixed products.

“Making sure our products are as competitive as possible and cover all bases ensures brokers are in the best possible position to answer any demand in the market.”

In May, the lender added two-year fixed rates to its like-for-like remortgage range, with pricing starting at 4.54% with a 5% fee at 65% LTV.

The move came after Landbay lowered its stress testing for like-for-like remortgages, with the stress test now being the pay rate instead of the pay rate plus 2%.

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