Landbay has reduced rates across its two-year fixed-rate BTL mortgages by up to 30 basis points, and reduced its ICR requirements for basic tax rate borrowers.
The products that have seen rate reductions include its 75% LTV standard BTL mortgage, now priced at 5.09% with a 3% fee.
Rates for the lender’s small HMO/MUFB and trading company standard options have also been lowered to 5.29% and 5.39%, respectively — both available at 75% LTV with a 3% product fee.
In addition, Landbay is bringing its ICR requirements in line with the wider market for basic rate taxpayers to 125% from 140%.
This applies to standard properties, as well as HMOs and MUFBs.
Paul Brett, managing director for intermediaries at Landbay, said: “Less than two weeks into the new year and we are pleased to announce our second rate reduction for 2023, which is great news for brokers and their landlord clients.
“We have also dropped the ICR calculation for basic rate taxpayers, bringing it in line with the wider market — this will help smaller landlords to borrow more than they previously could.”
