It also reduces rates across BTL offerings
Buy-to-let lender Landbay has bolstered its mortgage offerings with a new range of non-portfolio products while implementing a series of rate reductions and new product additions.
The new non-portfolio range is designed for landlords with three or fewer mortgaged properties. These five-year fixed rate products are available at up to 75% loan-to-value (LTV) with rates starting from 4.39%.
Landbay has also introduced two new standard five-year products at up to 55% LTV. The existing 55% LTV standard five-year range has been reduced by 0.25%, with rates now beginning at 4.44%.
The products are available with a variable fee structure to enhance affordability. Intermediaries can view and compare all new and existing products using the lender’s upgraded affordability calculator.
The non-portfolio five-year fixed rate products are available up to 75% LTV, with rates from 4.39%, while the new standard five-year fixed rate products are available at 55% LTV, with rates at 5.24% with a 3% fee and 5.44% with a 2% fee.
“We are always looking to make our range as broad as possible to help our broker clients meet needs across their client base,” said Rob Stanton (pictured), sales and distribution director at Landbay. “Introducing our new non-portfolio range only proves this point, helping brokers best support those smaller landlords through a competitive range of products.
“As the market continues to adapt and develop, we’ll keep our ear close to the ground and identify opportunities to improve and expand our product range.”
Landbay has also announced rate cuts across its standard five-year, standard two-year, and two-year like-for-like remortgage products by as much as 0.25%. The two-year small house in multiple occupation (HMO)/multi-unit freehold block (MUFB) products also saw a reduction of 0.10%.
We’ve lowered rates on our standard 5-year, 2-year and 2-year like-for-like products, including our 2-year small HMO/MUFB range.🎉
— LANDBAY (@LandbayUK) July 23, 2024
Full range here ➡️https://t.co/xWZh2wsiOb#BuytoLet #RateReductions #Landbay pic.twitter.com/Za0JGtZhAd
The standard two-year fixed rate products start from 4.04% up to 75% LTV. The standard like-for-like two-year fixed rate products start from 4.64% up to 75% LTV, while the standard five-year fixed rate products start from 4.69% up to 75% LTV.
“We are really pleased to be able to make some sizeable reductions across our product range,” Stanton said. “Being a tech-centred lender enables us to be really agile and respond to both changes and new demands in the market very quickly. This allows us to best support our broker clients and provide them with a range of products that is not just competitive, but wide enough to meet a broad range of needs.
“It’s fantastic to be able to strengthen our like-for-like remortgage range even further, providing a valuable option for those landlords with no changes to their current borrowing requirements. That’s especially true given its lower stress requirements of just pay rate. It’s great for those who want a short-term option in the current market, but still want some stability and security on monthly cost.”
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