Press Releases
Landbay cuts rates across two-year fixed product range
21 September 2023
Specialist buy-to-let lender Landbay has announced a major rate reduction across its range of two-year fixed rate products, with rates falling by as much as 0.50%.
The news means Landbay’s two-year fixed product range now starts at 4.19%, with reductions also including its competitive like for like range. These products are suitable to landlords looking to remortgage with no changes to their borrowing requirements, and are stress tested at pay rate plus 1% instead of the standard calculation of pay rate plus 2%.
Meanwhile, Landbay has also announced a new standard two-year fixed rate product, available at 75% LTV with a 6% fee. It follows news earlier this week that the lender has dropped rates across its Limited Edition standard five-year fixed rate product range by 0.10%.
Product highlights include:
Standard 2 Year Fixed 55% LTV 4.19% 7% Fee (was 4.69%)
New Standard 2 Year Fixed 75% LTV 5.09% 6% Fee
Small HMO 2 Year Fixed 75% LTV 5.19% 6% Fee (was 5.39%)
Small MUFB 2 Year Fixed 75% LTV 5.19%6% Fee (was 5.39%)
Like for Like Remortgage Standard 2 Year Fixed 75% LTV (Gross) 4.49% 7% Fee (was 4.79%)
Intermediaries are able to view and compare products using Landbay’s upgraded buy-to-let affordability calculator.
Rob Stanton, business development director Landbay, said: “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, including for those with a like for like remortgage.”
“Having the technology in-house to make these decisions allows us to be incredibly agile and respond to the changing market. 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.”