Landbay slashes rates again

Buy-to-let property lender Landbay has slashed rates across its product range by up to 0.4 per cent.

The lender has cut the rates on its standard two-year range and its two-year like-for-like products by up to 0.35 per cent, while rates on its five-year small houses of multiple occupation range have been dropped by up to 0.4 per cent. Two year rates now start at 3.94 per cent.

The company is offering up to 75 per cent loan to values, with a variable fee structure ranging from three per cent to six per cent.

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

“Following a considerable rate reduction across our five-year fixed range, we are pleased to announce a second round of cuts in the same week,” said Rob Stanton, sales and distribution director at Landbay.

“Today’s news strengthens the tools available to our broker partners to meet the broad range of needs across the entire market.”

Read more: Third of BTL landlords seek to expand their portfolio

Stanton added that short-term fixes remain popular with landlords as they weigh up their options in the current market. Cutting the rates on its houses of multiple occupation and multi-unit freehold blocks can help landlords answer persistent demand in the rental market among students, transient workers and lower-income individuals, he said.

“Meanwhile, improvements to our like-for-like range are well timed, given the high levels of mortgage maturity still expected across the sector this year,” added Stanton.

In October, Landbay reduced rates on its standard five-year fixed rate mortgage products, with a 0.10 per cent decrease across the entire range.

Read more: Landbay reduces rates on five-year fixed mortgages