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Landbay unveils five-year fixed rates with ERC twist`

Buy-to-let lender Landbay has launched ‘special edition’ five-year fixed rate mortgage products with Early Repayment Charges just on the first three years of the mortgage.

The mortgages are to 75% loan-to-value and the rates are: 4.99% – Fee 5%; 5.19% – Fee 4%; 5.39% – Fee 3%; 5.59% – Fee 2%; and 5.59% – Fee £1,999.

Rob Stanton, business development director at Landbay, said: “This new range provides more choice for landlords and is ideal if they are not sure whether to opt for a shorter-term or a longer-term fixed rate, together with the beneficial ICR calculation for five-year loans.

“There are differing opinions as to what will happen with interest rates in the near to medium term. Offering five-year fixed rate loans, with three-year early repayment charges, to our landlord borrowers provides additional flexibility and reassurance in an uncertain market.”

The borrower can redeem the mortgage in years four and five if they wish with no penalty.

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