HSBC, Keystone Property Finance and Landbay have all recently slashed their BTL rates.
Keystone Property Finance
Keystone Property Finance has reduced its rates by up to 10 bps and added a new standard 7% arrangement fee product.
The two-year fixed options in the standard and specialist range available at 65% LTV have been cut by 5bps, while all five-year fixed rates have been reduced by 10 bps.
There is also a 10 bps reduction on Keystones’ product transfer and switch & fix products.
The new 7% arrangement fee product has been added to the standard five-year fixed-rate range, and is available at 65% and 75% LTV.
In an update sent to its brokers, Keystone said: “We are excited to be able to make some positive changes to our rates and always ensure that these are passed over to our brokers as soon as possible.”
HSBC
HSBC has lowered pricing by up to 20 bps across its BTL purchase and remortgage options.
The bank’s BTL two-year product for purchases, available at 60% LTV, is now priced at 6.34% (10 bps lower than the previous rate) with no fee.
Meanwhile, the rate for its five-year remortgage option — offered at 75% LTV with no fee — saw a 20bps reduction to 5.69%.
A spokesperson at HSBC commented: “We're firmly focused on supporting customers in the current environment.
“On top of [the new rates], we are extending our cashback purchase offering to three-year fixed rate deals, which come with £350 cashback upon completion.”
Landbay
Landbay has today (18th September) announced rate cuts across several of its five-year fixed-rate products.
Its maximum 70% LTV option, which offers loans from £75,000 to £1m with a 7% fee, is now available at 5.05%.
The lender also lowered pricing for its maximum 75% LTV product for loans between £30,000-£74,999 to 6.05% (previously 6.15%) — the product includes a £1,499 fee.
Alex Witham, regional account manager at Landbay, commented: “We are delighted to announce another wave of interest rate reductions following the swap rates calming in recent weeks.
“Our new products show Landbay's commitment to offering a competitive range with a variety of product fees, ensuring Landlords have many options to serve their needs.”
