Landbay has expanded its buy-to-let tracker range with 11 new products and reduced rates on a number of existing deals by up to 15 basis points (bps).
The lender has introduced new options across its Core, Premier, Small HMO and Product Transfer ranges, extending its tracker proposition as fixed-rate mortgage pricing faces renewed upward pressure.
New Premier Like for Like and Premier Like for Like AVM two-year trackers are available at 75% LTV, with rates starting from Bank Base Rate (BBR) plus 0.34% and BBR plus 1.34% respectively. Both are available without early repayment charges.
The two Premier Like for Like products also use a reduced stress rate of 4.5% or the pay rate for landlords refinancing without additional borrowing.
Landbay has also launched a Premier AVM two-year tracker at 75% LTV from BBR plus 0.34%, while a new Product Transfer Premier two-year tracker starts at BBR plus 0.44%. Neither product carries early repayment charges.
SMALL HMO RANGE EXTENDED
The lender has moved tracker pricing into its Premier Small HMO range, adding a two-year product at 75% LTV from BBR plus 0.64%. A Product Transfer version starts from BBR plus 0.74%.
Alongside the launches, Landbay has cut rates by up to 15bps on existing Core two-year trackers at 65% and 75% LTV, including Product Transfer products, as well as Specialist Small HMO and Small MUFB trackers at 75% LTV.
Following the reductions, its Core two-year tracker with no early repayment charges starts from BBR plus 0.29% at 65% LTV and BBR plus 0.49% at 75% LTV.
The Core Like for Like two-year tracker at 75% LTV now starts from BBR plus 1.54%.
Within the Product Transfer range, Core two-year trackers without early repayment charges start from BBR plus 1.44% at 65% LTV and BBR plus 1.64% at 75% LTV.
Landbay’s Specialist Small HMO and Small MUFB two-year trackers at 75% LTV have also been reduced, with both starting from BBR plus 1.54% and available without early repayment charges.
“Trackers can provide a useful alternative.”
Rob Stanton (main picture), sales and distribution director at Landbay, said: “Recent movements in fixed-rate pricing have again shown why it is important for landlords and their advisers to have access to a broad range of options, rather than assuming a fixed rate will always be the natural choice.
“Trackers can provide a useful alternative, particularly for landlords who value flexibility and do not necessarily want to lock into today’s fixed-rate pricing for a longer period.
“By adding new Tracker products and reducing existing product rates, we are giving advisers and their landlord borrower clients more options across our Core, Premier, Small HMO and Product Transfer ranges.
“The reduced stress rate on our Premier Like for Like products is also an important part of this expansion, because affordability can be just as important as headline rate when landlords come to refinance.
“For eligible borrowers who are not looking to raise additional funds, that 4.5% or pay rate stress test could make a significant difference to the refinancing options available to them.
“Of course, the right choice will depend on the individual landlord and their circumstances, but we want advisers to have a full range of products so they can consider all the different routes available.
“That is particularly important in a market where the interest-rate outlook remains uncertain and pricing can change quickly.”
