It cuts rates of two- and five-year fixes for the second time in just over a week
Specialist buy-to-let lender Landbay has further slashed rates of its two- and five-year fixed rate buy-to-let products by of up to 30 basis points (bps).
As a result of the latest cuts, the lender’s two-year standard fixed rate mortgages now start from 4.39% while two-year like-for-like remortgage products start from 4.49%. Standard five-year fixed rates now begin at 4.79%.
Landbay’s two- and five-year fixed rates for small houses in multiple occupation (HMOs) and multi-unit freehold blocks were also priced down, as well as its first-time landlord HMOs and trading company products.
The rate reductions announced on Thursday were the second in just over a week for Landbay, with the BTL lender reducing rates by up to 20bps the last time around.
All of Landbay’s products have variable fees for enhanced affordability and the like-for-like remortgage features interest cover ratio (ICR) stress test at payrate plus 1%, instead of the standard payrate plus 2%.
“The money markets are continuing to see swap rates fall, enabling us to lower our rates accordingly,” said Rob Stanton (pictured), business development director at Landbay. “We always try to be as competitive as we can and these new rates are the lowest they have been in some time, with many under 5%.
“We are hopeful that the Bank of England will hold steady on base rate with no more increases as inflation continues towards its 2% target. That should mean swap rates will also remain lower and therefore we will be able to drop our rates again in the coming months.”
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