The new products, up to 75% LTV, have no early repayment charges
Specialist lender Landbay has announced the launch of more products – this time, a range of two-year discounted buy-to-let trackers with no early repayment charges (ERCs).
The lender said the new products have rates that start from 1.49% plus bank base rate (BBR), up to 75% loan-to-value (LTV), with a variable fee structure of 2% or 3% to assist with affordability.
The discounted trackers are available on standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) with loan sizes from £100,000 to £1 million. There is also a standalone discounted tracker range for trading companies on standard, HMO, and MUFB up to 75% LTV with a 3% fee.
2 YEAR DISCOUNTED TRACKERS WITH NO ERC NOW AVAILABLE
— LANDBAY (@LandbayUK) January 18, 2023
All products offer up to 75% LTV with loan sizes from £100k and £1m and are available for standard properties, HMOs and MUFBs.https://t.co/AWG0Vi4lYc pic.twitter.com/xcVQUe6e5j
The following are examples of Landbay’s new products:
- 75% LTV standard two-year discounted tracker with a 1.49% rate plus BBR and a 3% fee
- 75% LTV standard two-year discounted tracker with a 1.99% rate plus BBR and a 2% fee
- 75% LTV small HMO/MUFB two-year discounted tracker with a 1.69% rate plus BBR and a 3% fee
- 75% LTV small HMO/MUFB two-year discounted tracker with a 2.19% rate plus BBR and a 2% fee
For trading companies, the new products include:
- 75% LTV standard two-year discounted tracker with a 1.69% rate plus BBR and a 3% fee
- 75% LTV small HMO/MUFB two-year discounted tracker with a 1.89% rate plus BBR and a 3% fee
Landbay has just recently expanded its range of five-year fixes with the introduction of lower LTVs. It also reduced the rates on its two-year fixes and lowered its income cover ratio requirements last week.
“It’s been a busy start to the year for our product design team who have been developing new mortgages to provide more choice to brokers and their landlord clients,” Paul Brett (pictured), intermediaries managing director at Landbay, said. “This new range of two-year discounted trackers will appeal to borrowers who are unsure of the future and don’t want to tie into five-year fixes just yet.”
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