Landbay has launched new five-year fixed rate products at 80% loan to value (LTV) for both standard properties and small houses in multiple occupation (HMOs), as well as reducing a number of other rates.
The new 80% LTV five-year product for standard properties is available at 6.39% and comes with no product fees. The HMO version is available at 6.59% with no product fees.
Landbay has also cut rates on a selection of their two-year and five-year fixed-rate product ranges.
Two-year fixed rate products for small HMO and multi-unit freehold blocks (MUFBs) – including those for trading companies and first-time landlords, have seen a reduction of 0.10%. Meanwhile, the standard two-year tracker range has also seen a reduction of 0.10%, with rates now starting at 0.24% plus bank base rate (BBR).
The standard five-year fixed range also benefits from a 0.05% reduction across both 65% and 70% LTVs.
Products include:
- New: Standard 5 Year fixed @6.39% 80% LTV with 0% fee
- New: Small HMO 5 Year fixed @6.59% 80 LTV with 0% fee
- Standard 2-Year Tracker (No ERC) @ 0.44% + BBR 75% LTV with 5% Fee (was 0.54% + BBR)
- Standard 2-Year Tracker (No ERC) @ 1.54% + BBR 75% LTV with 3% Fee (was 1.64% + BBR)
- Small HMO/MUFB 2 Year Fixed @4.19% 75% LTV with 6% Fee (was 4.29%)
- Small HMO/MUFB 2 Year Fixed @5.84% 75% LTV with 3% Fee (was 5.94%)
- Standard 5 Year Fixed @4.54% 70% LTV with 7% Fee (was 4.59%)
- Standard 5 Year Fixed @4.74% 65% LTV with 6% Fee (was 4.79%)
Rob Stanton, sales and distribution director at Landbay, said: “Less than two weeks on from our previous round of rate reductions, we are pleased to be able to make further cuts across our product range. We are also delighted to be in a position to bring a new product to market that is not only at an attractive and accessible LTV for many landlords but boasts no product fees too.
“We’re fully committed to making improvements at the earliest opportunity to best support our broker partners and their clients. Positive news late last week on inflation and further stability on the base rate certainly gave us the scope to reprice. As many landlords weigh up their options in the current market, I’m sure news of a reduction in tracker rates will catch their attention.”
