Lender also increases the maximum loan sizes on 55%, 65%, and 75% LTV products
Buy-to-let lender Landbay has announced another round of rate reductions, dropping many of its product rates to below 5%.
The lender has lowered rates by up to 10 basis points (bps) across all of its five-year fixed rate products, including those in the 75% loan-to-value (LTV) range.
Landbay has also increased the maximum loan size on 55% and 65% LTV products from £1.5 million to £2 million and on 75% LTV mortgages from £1 million to £1.5 million.
All products include variable fees, depending on the interest rate and fee mix.
Standard five-year fixed rates now start from 4.69% at 55% LTV, from 4.75% at 65% LTV, and from 4.95% at 75% LTV.
More rate reductions and good news 🙌
— LANDBAY (@LandbayUK) November 15, 2023
We've cut rates by 0.10% on all of our Standard 5-year fixed-rate products.
Many of our rates now start below 5% including our 75% LTV range.
Full product range here 👉https://t.co/cLBYWq2sPf pic.twitter.com/UjZVJGVkP6
Last week, Landbay slashed rates of its two- and five-year fixed rate buy-to-let products by up to 30bps.
“This is our third round of rate reductions in just over two weeks as we react quickly to movements in the money markets,” said Rob Stanton (pictured), business development director at Landbay.
“We are also pleased to able to increase our loan sizes for buy-to-let lending at the higher end of the borrowing scale. The rate reductions and maximum loans will give more options to intermediaries looking to find competitive products for their landlord clients.”
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