Landbay announce further rate reductions

Landbay’s latest rate reductions are its second in just over a week as swap rates continue to fall.

Related topics:  Finance,  Landlords,  Rates
Property | Reporter
9th November 2023
To Let 733
"The money markets are continuing to see swap rates fall, enabling us to lower our rates accordingly"
- Rob Stanton - Landbay

Specialist buy-to-let lender, Landbay has reduced rates across its two and five-year buy-to-let ranges by up to 0.30%

The reductions of up to 0.30% are across two-year standard fixed-rate mortgages starting from 4.39% and two-year Like-for-Like remortgage products from 4.49%.

Small HMOs and MUFBs for both two and five-year fixed rates are also down by up to 0.30% as are first-time landlord HMOs and trading company products.

Standard five-year fixed-rate mortgages are down by 0.1% with rates beginning at 4.79%.

All of Landbay’s products have variable fees for enhanced affordability and the Like for Like remortgage features ICR stress test at pay rate plus 1%, instead of the standard pay rate plus 2%.

Product highlights

· Standard five-year fixed rate 75% LTV starts from 5.05%

· Like for Like standard remortgage two-year fixed rate 70% LTV starts from 4.59%

· Small HMO/MUFB two-year fixed rate 75% LTV starts from 4.69%

· Small HMO/MUFB five-year fixed rate 75% LTV starts from 5.59%

Rob Stanton, business development director at Landbay, said: “The money markets are continuing to see swap rates fall, enabling us to lower our rates accordingly. We always try to be as competitive as we can and these new rates are the lowest they have been in some time, with many under 5%.

“We are hopeful that the Bank of England will hold steady on base rate with no more increases as inflation continues towards its 2% target. That should mean swap rates will also remain lower and therefore we will be able to drop our rates again in the coming months."

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