Landbay has announced a significant rate reduction for buy-to-let products, targeting smaller landlords.
- Landbay has reduced rates by up to 0.20% on fixed-rate buy-to-let mortgages.
- The largest cut is for non-portfolio products, assisting landlords with fewer properties.
- Two and five-year fixed rates, with loans up to 75% LTV, are included in the reduction.
- Landbay utilises an automated valuation model to optimise rate offerings.
Landbay has made a strategic move to reduce its buy-to-let fixed-rate products by as much as 0.20%, a noteworthy development in the current mortgage market. This reduction primarily targets landlords who manage a smaller number of properties, specifically those with three or fewer mortgaged holdings. The rate cut stands as a counter-movement to the general market trends, demonstrating Landbay’s adaptive strategy.
The cuts are most pronounced in the non-portfolio sector. Both two-year and five-year fixed-rate products, available at up to 70% and 75% loan-to-value (LTV), have experienced the full 0.20% reduction. Landbay’s offerings extend to those using their automated valuation model (AVM), with standard and non-portfolio options benefiting from these more favourable rates.
In addition, there has been a 0.15% reduction in rates for products at 55% LTV, covering two-year and five-year fixed rates. Intermediaries seeking to utilise these products can do so through Landbay’s buy-to-let affordability calculator. This tool also presents a variable fee structure aimed at improving affordability and accessibility.
Exemplifying the impact, the standard AVM and standard two-year fixed at 75% LTV are now available at 3.79% with a 6% fee, presenting an attractive option for cost-conscious investors. Similarly, the standard AVM and standard two-year fixed offers are at 5.79% with a 2% fee. For those seeking longer-term commitments, the non-portfolio and AVM non-portfolio standard five-year fixed at 75% LTV are offered at 4.59% with a 6% fee, and 5.39% with a 2% fee.
Rob Stanton, Landbay’s sales and distribution director, highlighted the significance of these reductions, stating they are not limited to niche offerings but span the entire fixed-rate range. Stanton observed, “It’s great to be in a position once again where we are moving in the opposite direction to much of the market and bringing forward rate reductions. These have proven incredibly popular thanks to the efficiencies and cost savings they can offer.” The ability to leverage in-house technology allows Landbay to act swiftly and provide competitive products in a dynamic market.
Landbay’s proactive rate reduction efforts present a compelling opportunity for landlords navigating current market conditions.
