Landbay cuts two-year fixed rates

Specialist buy-to-let lender Landbay has cut 2-year fixed rates by up to 0.50%, with rates now starting at 4.19%.

The 4.19% product stands at 55% loan-to-value with a 7% fee, while there is another mortgage at 5.09% to 75% LTV with a 6% fee.

The lender said these products are suitable to landlords looking to remortgage with no changes to their borrowing requirements.

Products are stress tested at pay rate plus 1%, instead of the standard calculation of pay rate plus 2%.

Rob Stanton, business development director Landbay, said: “Our most recent survey has shown that shorter fixes are increasing in popularity, as landlords weigh up their options in the current market.

“We’re pleased to answer this demand by not only adding additional two-year products, but by making significant rate reductions across our range, including for those with a like for like remortgage.

“Having the technology in-house to make these decisions allows us to be incredibly agile and respond to the changing market. Our aim is to give our brokers partners more tools at their disposal to meet the requirements of their clients.

“As remortgage remains a key driver for business, I’m sure the news of rate reductions, in addition to a softer stress test will be very welcome.”

Other product highlights include:

• Small HMO 2 Year Fixed 75% LTV 5.19% 6% Fee (was 5.39%)
• Small MUFB 2 Year Fixed 75% LTV 5.19% 6% Fee (was 5.39%)
• Like for Like Remortgage Standard 2 Year Fixed 75% LTV (Gross) 4.49% 7% Fee (was 4.79%)