The largest reduction has been made to its first-time landlord houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs), which now start at 4.09% for a two-year fix.
For limited company borrowers, Landbay has trimmed rates by as much as 0.65% to also start at 4.09%.
Further, its standard and automated valuation model (AVM) supported two-year fixed mortgages have been cut by 0.35%. These are available up to 75% loan to value (LTV) and rates start at 3.74%.
Rates on two-year small HMO/MUFB products have been cut by as much as 0.6% to start at 3.79% up to 75% LTV.
Across its product transfer range, Landbay has lowered two-year fixes by 0.45%.
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These changes follow the lender’s reductions at the start of the month, which saw non-portfolio and standard five-year fixed rates fall by 0.25%.
Rob Stanton, sales and distribution director at Landbay, said: “Making such a large cut across our BTL product range demonstrates our commitment to making sure our product range is [as] competitive as possible for brokers and their landlord clients. We have seen a lot of positive drivers in the market recently, whether it’s swap rates or the cut to the Bank of England base rate, which have given us a great opportunity to reassess our pricing.
“It’s great to be able to share those across our product range, including in-demand products such as our HMO/MUFB offerings, our two-year options and our highly popular product transfer range. We’ll continue to stay close to the market to identify any future opportunities – whether that’s in terms of rates or further product innovation.”
Aldermore reduces resi and BTL rates
Aldermore has dropped rates across its BTL and residential owner-occupier mortgage ranges, for new and existing borrowers.
For new residential owner-occupiers, all Level 1 fixed rates up to 80% LTV have been lowered by 0.1% and start at 5.19%, while rates between 80% and 90% LTV have been cut by 0.2% to start at 5.74%.
For Level 2 and 3 borrowers, fixed rates up to 80% LTV have been cut by 0.2% to start at 5.59%, while Level 2 fixed rates between 80% and 95% LTV have been reduced by 0.25% and now start at 6.19%.
Its Level 1, 2 and 3 criteria have different allowances for credit blips.
For new BTL individual and company landlords with a single investment property, two-year fixes have been cut by as much as 0.2% and start from 3.49%.
Meanwhile, five-year fixes have been lowered by up to 0.25% and start at 4.34%.
For BTL individual and limited company borrowers with multiple properties, two-year fixed rates have been cut by as much as 0.2%, starting at 3.44%. Elsewhere, five-year fixed rates have gone down by up to 0.25% and start at 4.29%.
New BTL borrowers with HMOs and multi-unit freehold properties will see two-year fixed rates come down by as much as 0.3% and start at 3.69%, while five-year fixed rates have been cut by up to 0.35% and start at 4.44%.
The two-year fixed multi-property product for individual and company landlords with HMOs and multi-unit freeholds has been reduced by as much as 0.3% to start at 3.64%, and five-year fixes have been cut by 0.35% to begin at 4.39%.
Aldermore’s two-year fixed BTL products have zero-, 1.5%, 3% and 5% fee options, while five-year fixes have zero-, 1.5%, 5%, 7% and £1,999 fee options.
For existing borrowers doing a product switch, standard residential two- and five-year fixes have been lowered by 0.1% and start from 5.39%, while high LTVs have been reduced by up to 0.2% and start at 5.94%.
For BTL borrowers with a single property, there has been a 0.2% reduction across all fixed rates, starting at 5.79%, while all HMO and multi-unit freehold rates now start from 5.89% after a 0.3% cut.
Jon Cooper, director of mortgages at Aldermore, said: “We know it’s a competitive market right now and lenders must be proactive if they want to win business from brokers.
“The latest changes to our BTL range are designed to support landlords at every stage of their journey, from first-time investors to experienced portfolio holders, while our broader mortgage range continues to help residential customers find the right solution for their homeownership needs.”
