Landbay reduces rates on five-year fixed mortgages

Buy-to-let lender Landbay has reduced rates on its standard five-year fixed rate mortgage products, with a 0.10 per cent decrease across the entire range.

The standard five-year fixed range now starts at 4.85 per cent, with all products stressed at payrate and available through Landbay’s variable fee structure.

Across varying loan-to-values (LTVs), the product range can accommodate loan sizes from £30,000, right up to £1.5m to support brokers in servicing a broad range of landlord requirements.

Alongside reductions, Landbay has also added a new 55 per cent LTV range, with rates starting at 4.85 per cent.

Intermediaries have access to Landbay’s products via its upgraded buy-to-let affordability calculator.

Read more: Landbay launches new five-year fixed rate BTL mortgages

Landbay, which was a peer-to-peer lender until 2019, is offering a standard property five-year fixed rate, up to 55 per cent LTV, at 4.85 per cent with a 7 per cent fee.

The rates then range from 4.95 per cent to 5.15 per cent relative to property value and LTV.

“Responding quickly to changes in the market remains an absolute priority for us as we look to support brokers through a broad and competitive range of products,” said Landbay business development director Rob Stanton. “Having the technology and ability in house to react at pace is a key component in making this a reality.

“As affordability remains a challenge for both brokers and borrowers, we firmly believe mechanisms such as our variable fee structure present a valuable proposition. While it may not suit all appetites, it’s a great way for brokers to maximise the borrowing potential of their clients in a difficult climate. Combine this with the stress test at payrate, a range of LTVs and acceptable loan sizes and we believe the range helps brokers support their clients.”

Read more: LendInvest lowers rates across residential mortgage range