Specialist lender Landbay has introduced new two-year options to its like-for-like BTL remortgage range.
The firm has introduced two standard fixed-rate options available at 65% and 75% LTV, with rates starting at 4.54% and 4.84%, respectively — both come with a 5% fee.
There are also new two-year standard tracker options with no ERCs and a 5% fee, with rates starting from 0.24% + BBR at 65% LTV, and 0.49% + BBR at 75% LTV.
The new products are suitable for landlords with no changes to their current borrowing requirements, who will benefit from Landbay’s new lower stress testing for enhanced affordability, which stress tests at payrate, rather than the standard calculation of pay rate + 2%.
Rob Stanton, sales and distribution director at Landbay (pictured above), said: “Following high demand and positive feedback on our new reduced stress test, we’re thrilled to be able to enhance our like-for-like range further with new fixed and tracker options.
“While the new products bolster the toolkit of our broker partners, the enhanced affordability calculation gives some much-needed breathing space to those landlords remortgaging onto a higher rate than before.
“It comes at the right time too as we continue to see high levels of remortgage activity across the BTL sector; it’s all part of our ongoing commitment to meet the demands of the market, remain competitive and support our broker partners.”
