Specialist BTL lenders Landbay and Fleet Mortgages have unveiled additional rate cuts across their BTL product ranges.
Landbay has lowered pricing for several of its fixed-rate products in a bid to further support landlords.
Rates for the standard two-year range have been cut by 35 bps, and now start from 3.94% at 65% LTV, and 4.09% at 75% LTV — both options include a 6% fee.
The firm has also lowered pricing for its two- and five-year fixes for HMO/MUFBs — available at maximum 75% LTV — which are now offered 4.16% and 5.09%, respectively.
Rob Stanton, sales and distribution director at Landbay, said: “Following a considerable rate reduction across our five-year fixed range, we are pleased to announce a second round of cuts in the same week.
“There’s no question shorter-term fixes remain popular as landlords weigh up their options in the current market.
“Changes to our HMO/MUFB range also help landlords answer persistent demand in the rental market among students, transient workers and lower-income individuals.
“Meanwhile, improvements to our like-for-like range are well timed, given the high levels of mortgage maturity still expected across the sector this year.”
Fleet Mortgages has announced a second round of rate cuts for all its fixed rates across its three core ranges.
The lender’s standard/limited company borrowers can now secure a two-year fix at up to 75% LTV at 4.89%, and a five-year fix at 4.59% (70% LTV) or 4.99% (75% LTV).
Meanwhile, its HMO/MUB products are now available at:
In addition, its green BTL mortgages have seen rate cuts — the five-year fixed-rate options are now priced at 4.89% for standard/limited company and 5.23% for HMO/MUB, while the seven-year fixes are offered at 4.79% for standard/limited company and 5.13% for HMO/MUB.
All 75% LTV two-, five- and seven-year fixes come with a fee of 3%, with the five-year 70% LTV fixes having a fee of 5% — the minimum fee level for each product is £750.
All products come with a revert rate of Bank of England base rate + 3% and all end dates have now been extended to 30th April.
Steve Cox, CCO at Fleet Mortgages, commented: “A fast-moving mortgage marketplace requires the ability to move quickly and we are therefore pleased to be able to cut rates once again on all our fixed-rate products across our three core ranges.
“We are here to support all our adviser partners with all their BTL client needs, so would urge anyone requiring help in this area, to start the conversation with Fleet immediately.”
