Landbay has updated its like-for-like remortgage range with the addition of three new two-year tracker products.
The new products are aimed at landlords remortgaging with no change to their borrowing requirements and will be stress tested at a lower ICR of pay rate plus 1%.
All products are set at 75% LTV with no ERC.
The lender has also reduced rates on its existing standard, small HMO and small MUFB two-year trackers by up to 0.18 bps in addition to the three new loyalty remortgage two-year tracker products.
The new like-for-like remortgage standard two-year tracker products include:
• a 1.01% + BBR with 2% fee
• a 0.51% + BBR with 3% fee
• a 0.01% + BBR with 4% fee
With rate reductions on existing two-year tracker products of:
• standard two-year tracker at 1.01% + BBR with 2% fee (-0.08 bps)
• standard two-year tracker at 0.01% + BBR with 4% fee (-0.08bps)
• small HMO/MUFB two-year tracker at 1.21% + BBR with 2% fee (-0.18 bps)
• small HMO/MUFB two-year tracker at 0.21% + BBR with 4% fee (-0.18 bps)
The new loyalty remortgage two-year tracker products are:
• standard two-year tracker 0.41% + BBR with 3% fee
• small HMO/MUFB two-year tracker 0.61% + BBR 3% fee
• small HMO/MUFB two-year tracker 0.11% + BBR 4% fee
Rob Stanton, business development director at Landbay (pictured above), said: ““Expanding our remortgage offering with new two-year trackers gives intermediaries a wider portfolio to secure this available business.
“Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate.
“News of a softer stress test on like-for-like remortgage products and rate reductions will be welcome too, helping brokers increase the borrowing potential of their clients.
“Utilising our own system and technology enables us to constantly innovate and respond quickly to both market changes and client demand.”
