Buy-to-let lender Landbay has announced a further round of rate cuts, reducing pricing by 5 basis points across 18 Premier products.
The 18 products cover five-year fixed rates, available up to 75% LTV, for both purchase and remortgage, including automated valuation model (AVM) and product transfer options. Premier is Landbay's range of standard and HMO products for borrowers with up to 15 mortgaged properties, available to individual and limited company landlords, and features some of the lender's most competitive rates.
Several Premier products are benefiting from the cuts. Purchase and remortgage five-year fixes are now available at 5.4% with zero fee, or 4.4% with a 5% fee. Remortgage AVM five-year fixes have dropped to 5.2% with a 1% fee, and 4.4% with a 5% fee.
Remortgage free valuation five-year fixes now start at 5.44% with zero fee, or 4.44% with a 5% fee, while product transfer five-year fixes are available at 5.29% with a 1% fee, or 4.49% with a 5% fee.
All Premier products continue to offer variable fee options, ranging from zero or 1% up to 5%. Landbay has also launched a new two-year tracker product transfer option within Premier, with no early repayment charges and available up to 75% LTV. It carries a 3% fee and is priced at Bank Base Rate plus 0.44%.
Key details of the rate cuts include:
- 5bps reductions across 18 Premier products, covering five-year fixed rates up to 75% LTV
- Purchase and remortgage five-year fixes now from 4.4% with a 5% fee
- New two-year tracker product transfer option priced at Bank Base Rate plus 0.44%
- Variable fee options remain available from zero or 1% up to 5% across the range
The Premier rate cuts follow Landbay's launch last week of new Premier remortgage AVM products, plus product transfer tracker products within both its Core and Specialist ranges.
"Funding conditions and pricing have continued to improve over recent weeks and, as a result, we have been keen to pass them into our product pricing," said Rob Stanton, sales and distribution director at Landbay.
"While markets remain capable of moving quickly in either direction, the current environment has given us another opportunity to reduce rates across a significant part of our Premier range, building on the changes we made last month to the Premier range but also building on our recent new product launches."
He added that flexibility remains a priority for advisers and their clients. "Alongside competitive pricing, advisers and their landlord clients have told us they want greater levels of choice and flexibility, particularly as borrowers continue to review existing portfolios as well as new opportunities," he explained.
"Our focus remains on giving advisers the product options they need to recommend the most suitable solution for each client, whether they are purchasing, refinancing, or simply looking to secure a better outcome at product maturity."
