Landbay confirms rate cuts on five-year fixed rates

Rates have been cut by up to 0.46 percentage points, with deals now starting at 4.39 per cent. Products are available up to 55 per cent loan-to-value (LTV), 65 per cent LTV and 75 per cent LTV, and with variable fees ranging from three per cent to six per cent.

Highlights of the range include a standard five-year fixed rate at 4.49 per cent, available up to 75 per cent LTV, with a six per cent fee (was 4.89 per cent) and a 4.99 per cent rate (was 5.45 per cent), available up to 55 per cent LTV, with a three per cent fee.

All five-year products are stressed at payrate, with a maximum loan size of £2m, with the new range available to compare on Landbay’s updated buy-to-let affordability calculator.

Rob Stanton (pictured), sales and distribution director at Landbay, said the lender was looking to “start the year as we mean to go on” by identifying ways to make its range as competitive as possible for brokers and landlords alike.

He continued: “As landlords continue to navigate the market, it’s really important that we offer a diverse range of products to suit landlords of all sizes and appetites. Our research suggests that five-year products remain a key choice for landlords moving forward, both in terms of affordability and in certainty of costs.”

The rate changes come after research from the lender last month found that the majority of landlords had increased rents in 2023, primarily to cover their own higher mortgage costs.