Rates were reduced for standard products, HMOs, and MUFBs
Specialist lender Landbay has restructured its term tracker range of buy-to-let mortgages with rate reductions and new products to replace some of those that have been withdrawn.
Term tracker rates were lowered by 0.86% to 4.34% on standard products, small houses in multiple occupation (HMOs) and small multi-unit freehold blocks (MUFBs). These products are available for new build, as well as older properties up to 75% loan-to-value (LTV).
The term trackers for large HMOs and MUFBs have had rates reduced by 1.1% to 4.59% and the LTV has been raised to 75% from 70%.
According to Landbay, all of these products track the Bank of England base rate, and there are no early repayment charges.
“These term tracker products offer flexibility as well as competitive pricing, while offering borrowers the opportunity to remortgage to another product at any stage without penalty if they wish,” Paul Brett (pictured), managing director for intermediaries at Landbay, said.
