Rates were reduced by up to 30 basis points
Specialist lender Landbay has announced further rate reductions of up to 30 basis points on its five-year fix special edition buy-to-let mortgage range.
Rates now start at 4.29% and the reductions apply to standard properties with loan-to-values of 55%, 65%, and 75%.
The lender said there is a variable fee structure of between 2% and 7% to help with affordability and passing interest coverage ratio (ICR) requirements.
The following are product examples on standard five-year fixed rates:
- 5.39% at 75% LTV with a 2% fee
- 4.79% at 75% LTV with a 5% fee
- 5.34% at 65% LTV with a 2% fee
- 4.34% at 65% LTV with a 5% fee
- 5.29% at 55% LTV with a 2% fee
- 4.29% at 55% LTV with a 7% fee
“We are pleased to be able to announce another reduction in our five-year fixed rate special edition range on standard properties,” Rob Stanton (pictured), business development director at Landbay, said.
“The choice of the interest rate and fee combination allows brokers flexibility in working out what is best for their clients especially in calculating the ICR to meet affordability requirements.”
Landbay launched its initial special edition five-year fixed rate buy-to-let mortgages early last month, but the tranche sold out before Christmas, according to Paul Brett, intermediaries managing director at Landbay.
The range was offered once again after the New Year, and was later expanded with the introduction of lower LTVs.
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