Landbay has reduced rates for buy-to-let loans on houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFBs) and reintroduced products for first time landlords purchasing HMOs/MUFBs.
Rates on small HMO and MUFBs of up to six bedrooms/units have been reduced by 30 basis points on two-year fixed rates and 20 basis point on five-year fixed rates.
For standard property, there are also 15 basis points rate reductions on two-year fixed rates, down to 5.29% with a 2% fee while the 3% fee option is 4.79%.
In addition, all reversion rates for both fixed rate and two-year tracker products are down to 3.49% + Bank base rate (BBR) from 5% + BBR for new applications.
For first time landlords buying small HMO/MUFBs up to 75% LTV, the two-year fixed rate is 5.09% and the five-year fix is 5.69%, both have a 3% fee.
The new pricing for existing small HMO/MUFBs at 75% LTV on two-year fixed rates is 4.89%, down from 5.19% with a 3% fee. The other two-year fix option has a 2% fee and a rate of 5.39%, reduced from 5.69%.
For five-year fixed rates on existing small HMO/MUFBs at 75% LTV, the options are 5.79% (from 5.99%) with a 2% fee or 5.59% (was 5.79%) carrying a 3% fee.
Rob Stanton, business development director at Landbay, commented: “We reduced rates on our HMO/MUFBs mortgage products for existing landlords three weeks ago and I’m thrilled to report we have been able to lower rates again.
“It’s also great news that we can reintroduce products for first time landlords buying small HMO and MUFBs, which applies to properties with up to six bedrooms or units.
“We continue to watch the markets carefully and keep our rates as competitive as we can. Offering different fee options on our products means brokers can offer choice to landlords with varying financial needs.”