Landbay has announced a significant round of rate reductions across its buy-to-let product range, with some products seeing cuts of up to 80 basis points (bps).
The sharpest drop applies to Landbay’s two-year fixed rate products for first-time landlords investing in houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB), where rates now start at 4.09%. The same headline rate is now available to trading company landlords, with pricing down by as much as 65bps.
Standard and AVM-supported two-year fixed rates have been reduced by 35ps, with selected products now starting at 3.74% up to 75% loan-to-value. For small HMO and MUFB products, rates have fallen by as much as 60bps, with pricing from 3.79%.
PT PRICING CUTS
Landbay has also made changes to its product transfer range, offering a 45bps reduction on two-year fixed options, aimed at existing borrowers seeking to refinance.
This latest move follows a previous round of cuts earlier in the month, when Landbay reduced rates by 25bps on its non-portfolio and standard five-year fixed offerings.
Rob Stanton, sales and distribution director at Landbay, said the scale of the reductions underlined the lender’s commitment to offering a competitive product set for intermediaries and their landlord clients.
“Making such a large cut across our buy-to-let product range demonstrates our commitment to making sure our product range is competitive as possible for brokers and their landlord clients,” Stanton said.
“We have seen a lot of positive drivers in the market recently, whether it’s swap rates or the cut to the Bank of England base rate, which have given us a great opportunity to reassess our pricing.
“It’s great to be able to share those across our product range, including in-demand products such as our HMO/MUFB offerings, our two-year options and our highly popular product transfer range. We’ll continue to stay close to the market to identify any future opportunities – whether that’s in terms of rates or further product innovation.”
The repriced products are available via Landbay’s variable fee structure, designed to enhance affordability for a wide range of borrowers. Intermediaries can access the full suite of updated rates using Landbay’s enhanced buy-to-let affordability calculator.
