Landbay drops HMO and MUFB rates

The rates are being reduced by up to 60 basis points, with the cuts applying to products available at up to 75 per cent loan to value (LTV).

As a result, the two-year fixed rate for small HMOs and MUFBs with a three per cent fee now has a rate of 5.19 per cent, while the five-year fixed rate with the same fee has a rate of 5.79 per cent.

Alongside the rate cuts, Landbay has introduced new standard two-year fixed rates. Both are available at up to 75 per cent LTV, with a 4.94 per cent for those paying a three per cent fee, and a 5.44 per cent version for those paying a two per cent fee.

Rob Stanton (pictured), business development director at Landbay, said that the lender had been able to “react quickly and reduce rates yet again” on account of swap rates continuing to drop.

He added: “Our award-winning broker portal, which we built in-house and launched last summer, allows us to make product changes swiftly. This means our rates can reflect what is going on in the money markets almost straight away.”

Last week Landbay dropped the rates on its ‘special edition’ products, having already cut rates on its two-year fixed rates as well as reducing the ICR on its deals.