Landbay has lowered its buy-to-let (BTL) mortgage rates by as much as 0.2%.
The largest reduction has been made to Landbay’s standard two-year fixed rates, which now start at 3.59% up to 75% loan to value (LTV) with a 2% fee. There is also a two-year fix at the same tier with a 6% fee, priced at 3.59%.
This cut of 0.2% also includes the lender’s automated valuation model (AVM) range of standard two-year fixes.
Its standard five-year fixed rates available up to 55% LTV have been reduced by 0.1%, as well as Landbay’s range of non-portfolio products, which cater to landlords with three or fewer mortgaged properties.
This includes a five-year fix at 75% LTV with a 2% fee and a rate of 5.39%, while the option with a 6% fee has a rate of 4.59%.
Across its range for small houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) properties, the two-year fix at 75% LTV with a 3% fee is priced at 5.69%, while the five-year fixed equivalent has a rate of 5.89%.
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Rob Stanton, sales and distribution director at Landbay, said: “After kicking off the year by expanding our popular limited-edition range to include remortgage and new purchase options, it’s great to be able to announce rate cuts across our product range. Landlords continue to show their resilience and respond to investment opportunities across the country. As a lender, we need to make sure our product range is there for those landlords and the many brokers that support them.
“Alongside rate cuts to make sure our product range is [as] competitive as possible, we will continue to introduce new products and prioritise innovation to help brokers answer the demands of landlords of all sizes and requirements. It promises to be an exciting year ahead at Landbay as we continue to strengthen our proposition.”
Coventry BS cuts mortgage rates
Coventry Building Society has announced it will be reducing rates on Thursday.
Committing to its pledge to give brokers at least 48 hours’ notice before changing products, all fixed rates for new and existing residential borrowers, as well as new and existing BTL and portfolio BTL borrowers, will be lowered.
The mutual did not give details of the scope of the changes.
Additionally, all product end dates will be extended.
