Landbay cuts rates and expands product transfer offering

Landbay has announced mortgage rate reductions of up to 40 basis points (bps) across its buy-to-let range.

This follows the recent launch of its new product transfer service.

The headline rate reduction comes as part of Landbay’s large HMO/MUFB range, with rates now starting at 5.89% for a five-year fixed rate deal at up to 75% loan-to-value (LTV).

PT EXPANSION

In addition, large HMO/MUFB products have now been added to the new product transfer range, providing options for landlords with this property type who are not always served by other buy-to-let PT offerings.

Small HMO products – available at up to 80% LTV – have been reduced by up to 30bps, with a five-year fixed rate deal now starting at 6.59%.

Small HMO/MUFB products can also be found within Landbay’s product transfer offering, which launched last week.

The range offers brokers a fully digital and automated application process, while landlords benefit from no legal costs and an automated or RICS valuation.

All rate reductions are now live, with products available using Landbay’s variable fee structure for extra affordability.

Key products include:

Large HMO/MUFB 5-year fixed 75% LTV @6.29% with 3% fee (was 6.69%)
Large HMO/MUFB 5-year fixed 75% LTV @5.89% with 5% fee (was 6.29%)
Standard 5-year fixed 80% LTV @6.39% with 3% fee (was 6.59%)
Small HMO 5-year fixed 80% LTV @6.59% with 3% fee (was 6.89%)

Rob Stanton (pictured), sales and distribution director at Landbay, said: “Following the launch of product transfers, we’re pleased to be announcing further rate reductions across our product range.

“Our HMO/MUFB range remains a popular part of our offering, helping landlords jump on investment opportunities and answer growing demand nationally for this much-needed property type.

“Cuts of as much as 0.40% demonstrates our commitment to ensuring our product range is competitive as possible, while expanding our PT range this early on shows we’re not shy to make improvements to best support our broker partners and their clients.

“Whether clients are buying or refinancing, we want to make sure that Landbay is able to offer a broad and diverse product range to give brokers the options they need.”