Specialist buy-to-let lender Landbay has reduced rates across its two-year fixed product range by 10 and 14 basis points and added a new product into the mix.
The rate reduction of 0.10% is on existing standard, first-time landlord and trading company two-year fixed rate products. It also applies to trading company small houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB), for properties with up to six rooms or units.
For example, the standard two-year fix at 75% LTV is now 4.69% with a 3% fee, down from 4.79%, or 5.19% with a fee of 2%, previously 5.29%.
The 0.14% rate reduction is for small HMOs and MUFBs and these two-year fixed rate products also have fee and rate options. The LTV is 75% and the product with a 3% fee has a rate of 4.75%, down from 4.89%, while the mortgage with a 2% fee comes in at 5.25%, reduced from 5.39%.
A new standard two-year fixed rate has also been launched at 5.19% plus a £1,499 fee and a maximum loan size of £74, 999.
Rob Stanton, business development director at Landbay, said: “We constantly look for ways we can provide competitive products to our intermediary partners and their landlord clients. Any rate reduction is welcome and we are pleased to be able to lower rates in these uncertain times.”
“We have seen an increase in landlords opting for two-year fixed rates and these reductions are across our entire two-year range – from standard through to trading companies, first-time landlords, HMOs and MUFBs.”