A new standard two-year fix has also been launched
Specialist buy-to-let lender Landbay has announced rate reductions on its two-year fixes and the addition of a new product into the range.
Rates were lowered by 0.10% on existing standard, first-time landlord, and trading company two-year fixed rate products. It also applies to trading company small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs), for properties with up to six rooms or units.
As a result, the rate of a standard two-year fix at 75% LTV is now 4.69% with a 3% fee, down from 4.79%, while the one with a 2% fee now has a rate of 5.19%, previously 5.29%.
🎉New rate reductions🎉
— LANDBAY (@LandbayUK) March 24, 2023
We've reduced rates on our 2 year fixed products by up to 0.14%, including standard properties, small HMOs and MUFBs, and our trading company range.
Check out our full product range here - https://t.co/h8SQBolg30 pic.twitter.com/AYMsSOP5xm
Rates were also cut by 0.14% for small HMOs and MUFBs, and these two-year fixed rate products also have fee and rate options. A 75% LTV product with a 3% fee now has a rate of 4.75%, down from 4.89%, while the mortgage with a 2% fee comes in at 5.25%, reduced from 5.39%.
Landbay has also launched a new standard two-year fixed rate product at 5.19% with a £1,499 fee and a maximum loan size of £74,999.
The lender already lowered rates across its range of buy-to-let mortgages for HMOs and MUFBs by up to 60 basis points earlier this year.
The full details of all Landbay products, reflecting the latest rate reductions, can be viewed online through its website.
“We constantly look for ways we can provide competitive products to our intermediary partners and their landlord clients,” said Rob Stanton business development director at Landbay (pictured).
“Any rate reduction is welcome, and we are pleased to be able to lower rates in these uncertain times. We have seen an increase in landlords opting for two-year fixed rates and these reductions are across our entire two-year range – from standard through to trading companies, first-time landlords, HMOs, and MUFBs.”
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