Landbay cuts buy-to-let rates
Landbay is making reductions of up to 0.30% – as rates now start at 4.39% for 2-year fixed rate mortgages with a 6% product fee.
Small HMOs and MUFBs for both two and five-year fixed rate are also down by up to 0.30%, as are first-time landlord HMOs and trading company products.
Standard five-year fixed rate mortgages are down by 0.1% with rates beginning at 4.79%.
Rob Stanton, business development director at Landbay, said: “The money markets are continuing to see swap rates fall, enabling us to lower our rates accordingly. We always try to be as competitive as we can and these new rates are the lowest they have been in some time, with many under 5%.
“We are hopeful that the Bank of England will hold steady on base rate with no more increases as inflation continues towards its 2% target. That should mean swap rates will also remain lower and therefore we will be able to drop our rates again in the coming months.”
All of Landbay’s products have variable fees for enhanced affordability and the like for like remortgage features ICR stress test at payrate plus 1%, instead of the standard payrate plus 2%.
Product highlights:
- Standard five-year fixed rate 75% LTV starts from 5.05%
- Like for Like standard remortgage two-year fixed rate 70% LTV starts from 4.59%
- Small HMO/MUFB two-year fixed rate 75% LTV starts from 4.69%
- Small HMO/MUFB five-year fixed rate 75% LTV starts from 5.59%
