Rates on the product range now start from 4.39%
Specialist buy-to-let lender Landbay has implemented rate cuts of up to 46 basis points (bps) across its standard five-year fixed rate product range.
Rates on the repriced product range now begin at 4.39%, featuring options with loan-to-values (LTVs) of 55%, 65%, and 75%. The lender employs a variable fee structure ranging from 3% to 6%.
Included in the latest rate cuts are standard five-year fixed rates at 75% LTV – the one with a 6% fee had its rates reduced to 4.49%, from 4.89%, while the one with a 3% fee had its rates slashed to 5.09% from 5.49%.
Also made more affordable are standard five-year fixed rates at 55% LTV, with rates of 4.39% (from 4.85%) and 4.99% (from 5.45%) for those with a 6% and 3% fee, respectively.
New Year, new rate reductions! ⬇️
— LANDBAY (@LandbayUK) January 8, 2024
This morning our core standard five-year range saw a rate drop of up to 0.46%.
Check out our full range here - https://t.co/3A1c1KC5fZ pic.twitter.com/TwQgHuMJTr
Landbay has also confirmed that all five-year products are stressed at payrate, with a maximum loan size contingent upon the LTV ratio, capped at £2 million. Fixed-fee products remain on offer for smaller loan sizes.
Intermediaries can view and compare the five-year deals, along with Landbay’s entire suite of products, using the lender’s upgraded buy-to-let affordability calculator.
“It’s great to kickstart 2024 with a sizeable rate reduction across our entire five-year fixed range,” Rob Stanton (pictured), sales and distribution director at Landbay, commented. “In truth, we start the year as we mean to go on – identifying opportunities in the market to make our range as competitive as possible for our broker partners and their landlord clients.
“As landlords continue to navigate the market, it’s really important that we offer a diverse range of products to suit landlords of all sizes and appetites. Our research suggests that five-year products remain a key choice for landlords moving forward, both in terms of affordability and in certainty of costs.
“We continue to streamline our variable fee structure to keep this important mechanism available for both landlords and brokers, all while reflecting the lower rates we are now working with.”
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