Landbay has announced that it has cut buy-to-let rates by 20 basis points (bps) on its Core and Core AVM five-year fixed products.
As part of a repricing that covers 37 five-year fixes in total, buy-to-let rates on Core five-year fixes at 75% LTV now start at 5.44% with a 6% fee, with a 6.24% option carrying a 2% fee. The buy-to-let lender has also applied the same cuts and pricing to its Core AVM range.
Landbay has cut rates by 25bps across its Core Product Transfer five-year fixed range. Free valuation products now start at:
- 5.49% with a 6% fee at 70% LTV
- 5.74% with a 5% fee at 75% LTV
- 6.24% with a 2.5% fee at 78% LTV
The lender has also trimmed 20bps from selected five-year products in its Specialist range. The cuts apply to Small HMO and Multi-Unit Freehold Block (MUFB) fixes, including options for first-time landlords, and to Specialist Small HMO and MUFB Product Transfer products.
Specialist Small HMO and MUFB five-year fixes now start at 6.09% with a 3% fee at 65% LTV. At 75% LTV, rates stand at 6.19% with a 3% fee and 5.79% with a 5% fee. First-time landlords financing Small HMO or MUFB properties can take a five-year fix at 75% LTV from 5.99% with a 5% fee, or at 6.39% with a 3% fee.
Landbay said the reductions reflect its focus on pricing and product choice for landlords buying investment properties, refinancing existing borrowing or moving to a new deal through a Product Transfer. The cuts to buy-to-let rates follow the lender’s expansion into Scotland earlier this month, when it introduced 12 Core range products alongside its Premier range, which launched there in March.
“Our Core range continues to be an incredibly important part of our lending proposition, and we are pleased to be able to announce these latest price reductions across both our standard and AVM five-year fixed-rate products,” says Rob Stanton, sales and distribution director at Landbay (pictured).
“We know that pricing remains a key consideration for advisers and their landlord clients, particularly in the current interest rate environment, and these changes provide further competitive options for those looking to purchase or remortgage investment properties.
“We have also made further reductions across our Core Product Transfer range, with cuts of up to 25 basis points providing additional options for existing Landbay borrowers approaching the end of their current mortgage deals. PTs remain a significant area of focus for us, and we want to ensure advisers have access to competitive products when reviewing the refinancing options available to their landlord clients.
“Alongside Core, we have also reduced pricing across a wide selection of our Specialist Small HMO and MUFB products, including those available to first-time landlords. These reductions mean we can continue to support a broad range of borrowing requirements, whether that involves more straightforward buy-to-let properties or landlords investing in specialist property types.
“These changes also follow our expansion of the Core range into Scotland earlier this month, and reflect our continued commitment to developing our lending proposition across the UK.”
