It also launches new products
Specialist buy-to-let lender Landbay has reduced rates on its two-year tracker BTL mortgages by up to 90 basis points and added new products to the range.
The two-year tracker products are available for standard property, houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), and trading companies. All products have a maximum loan-to-value (LTV) of 75% and no early repayment charges.
The lender’s new two-year tracker standard products start at 0.09% plus the bank base rate (BBR), currently standing at 5.09%, and come with a 4% fee.
For small HMO or MUFB up to six bedrooms, two-year trackers are from 0.39% plus BBR, taking the rate to 5.39%, also with a 4% fee.
Landbay’s existing range of two-year trackers have price reductions of 90 basis points for standard property and 80 basis points for small HMO or MUFB and trading companies.
Earlier this month, the specialist lender launched a range of two-year fixed rate like-for-like remortgage products with a lower interest cover ratio stress test.
“We have seen that two-year term mortgages are being selected by landlords who want to re-evaluate their situation in the nearer term,” commented Paul Brett (pictured), managing director of intermediaries at Landbay.
“Our tracker products provide flexibility, with an option to move to a lower rate with no early repayment charges if the base rate reduces. And of course, if the Bank of England base rate continues to rise, landlords have the freedom to exit the tracker whenever they like as they are not tied in.”
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