Two- and five-year fixes now start at 4.24% and 4.74% respectively
Buy-to-let lender Landbay has announced rate reductions across most of its two- and five-year fixed rate products, with cuts of up to 0.10%.
The 10-basis point reduction applies to the entire two-year fixed range, excluding large houses in multiple occupation (HMOs)/multi-unit blocks (MUFBs) and tracker products. Rates now start at 4.24% at 75% loan-to-value (LTV) with a 6% fee.
The five-year fixed rate range also sees a 10-basis point cut, with rates starting at 4.74% at 75% LTV with a 7% fee. Zero-fee products are available. The exceptions in this range are large HMOs/MUFBs and two standard five-year fixed options — one with a £1,299 fee and another with a 2% fee — both reduced by 0.5%.
The rate cuts follow recent moves by Landbay to add new two-year fixed and tracker options to its like-for-like remortgage range and lower stress testing on the range to the pay rate.
All products are available for intermediaries to view and compare using Landbay’s BTL affordability calculator.
Leading products include the standard two-year fixed at 4.24% 75% LTV with a 6% fee (previously 4.34%), and the standard two-year fixed at 5.89% 75% LTV with a 3% fee (previously 5.99%). The standard five-year fixed is now at 4.74% 75% LTV with a 7% fee (previously 4.84%), and the standard five-year fixed is at 6.39% 75% LTV with no fee (previously 6.49%). The standard two-year fixed at 4.44% 55% LTV with a 5% fee (previously 4.54%), and the standard five-year fixed at 4.99% 55% LTV with a 5% fee (previously 5.09%) are also included.
“Even in the current climate, fixed rate deals remain the product of choice for the majority of landlords,” said Rob Stanton (pictured), sales and distribution director at Landbay. “We’re pleased to help brokers answer this demand with a reduction on our two- and five-year fixed products.
“Making sure our products are as competitive as possible and cover all bases ensures brokers are in the best possible position to answer any demand in the market.”
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