One reintroduces limited edition range; another reduces rates on two- and five-year fixes
Two lenders, Aldermore and Landbay, have unveiled updates to their buy-to-let mortgage product ranges, offering landlords new options amid a challenging market.
Aldermore has reintroduced its five-year buy-to-let limited edition range, designed to provide more choice for individual and company landlords. The range includes fixed rate products at up to 75% loan-to-value (LTV) with a variety of fee structures.
Rates start at 5.74% with no fees, 5.44% with a 1.5% fee, and 4.74% with a 5% fee. An additional option for multi-property landlords offers a 5.69% rate with a £1,999 fee.
“We’re delighted to reintroduce our five-year limited edition range today to provide more choice for landlords when it comes to finding products which suit their needs,” said Jon Cooper (pictured left), head of mortgages at Aldermore. “We’re continually reviewing our mortgage range against the current market to ensure we are providing customers with products that help them to go for it in life and in business.”
Meanwhile, Landbay has reduced rates across its fixed rate buy-to-let range, with reductions of up to 20 basis points (bps). The cuts apply to both two- and five-year fixed products available at up to 70% and 75% LTV, as well as its automated valuation model (AVM) supported products. Non-portfolio landlords — those with three or fewer mortgaged properties — are among those set to benefit most from the changes.
Landbay has also reduced rates on select 55% LTV products, cutting rates by 15bps for both two- and five-year fixed products. Key options include a standard two-year fixed-rate product at 3.79% with a 6% fee and a five-year fixed-rate product at 4.59% with the same fee.
“It’s great to be a position once again where we are moving in the opposite direction to much of the market and bringing forward rate reductions,” said Rob Stanton (pictured right), sales and distribution director at Landbay. “These are not on niche products either, but across our fixed rate range, including standard products, support for smaller landlords and through our innovative range of AVM products.
“By leveraging our in-house technology and broker portal, along with our close relationships with our funders, we are able to identify opportunities and take action very quickly. This means brokers have access to a competitive range of products to support the many landlords still seizing opportunities and making moves in the current market.”
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