Specialist BTL lender Landbay has reduced rates across its range of two-year fixed-rate products by up to 50bps.
Landbay’s two-year fixed product is now priced from 4.19% for standard properties, while its like-for-like remortgage two-year fix is offered at 4.49% — both products include a 7% fee.
These products are suitable to landlords looking to remortgage with no changes to their borrowing requirements, and are stress tested at pay rate + 1%.
The rates for its two-year fixes for small HMOs and MUFBs have also been lowered to 5.19% with a 6% fee.
In addition, the lender has introduced a new standard two-year fixed-rate product, available at 75% LTV with a 6% fee, priced at 5.09%.
It follows news that the lender has dropped rates across its limited-edition standard five-year fixed-rate product range by 10bps.
Rob Stanton, business development director Landbay (pictured above), commented: “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.
“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.”
