New products are introduced while some existing rates are cut
Buy-to-let lenders Landbay and Molo Finance have introduced new product offerings and rate reductions, providing landlords with new mortgage options.
Landbay has launched a new range of two- and five-year buy-to-let products, leveraging an automated valuation model (AVM) to accelerate the application process and reduce costs.
The AVM range includes two-year standard mortgages available at up to 75% loan-to-value (LTV), with rates starting at 3.74%, and five-year options for non-portfolio landlords with rates beginning at 4.29%.
The lender’s integration of AVMs, introduced earlier this year, has significantly expedited offer times — sometimes within 24 hours — while eliminating valuation fees, offering an average saving of £500 per application.
In conjunction with the new AVM products, Landbay recently reduced rates across its standard five-year fixed and small house in multiple occupation (HMO) and multi-unit freehold block (MUFB) ranges by up to 0.20%, with further reductions of up to 0.40% on its two-year standard range and the new non-portfolio range.
“We’ve seen firsthand just how AVMs can transform the buy-to-let mortgage process, helping us to enhance our offering and deliver a faster service at a reduced cost,” said Rob Stanton (pictured left), sales and distribution director at Landbay. “Given how timing can make or break a deal in such a changeable market, this is absolutely critical and hugely valuable. We’re thrilled to help our broker partners to support their landlord clients with this innovative product range.”
Meanwhile, Molo Finance has announced substantial rate reductions across its buy-to-let mortgage range.
Following a previous rate cut in July, Molo now offers two-year fixed rates starting at 4.15% for individual and limited company borrowers at a 75% LTV, with five-year fixed rates beginning at 4.79%.
It has also reduced rates on specialist products, including portfolio landlords, HMOs, and holiday lets, with two-year fixed rates from 4.30% and five-year fixed rates from 4.94%.
The digital lender, which recently became a wholly-owned subsidiary of Australian-based firm ColCap Financial, has extended these reductions to expatriates and non-UK residents, with expat rates for two-year and five-year fixed products now starting at 5.94%. The five-year fixed rate for non-UK residents has been lowered to 7.54%. Tracker rates remain unchanged across the board.
“Our intermediary partners demand consistently competitive rates,” said Martin Sims (pictured right), distribution director at Molo Finance. “These products continue to support brokers while they, in turn, provide their clients with compelling funding solutions.”
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