The lender has also cut rates on HMOs and multi-unit freehold block products
Landbay has refreshed its buy-to-let (BTL) product range, launching new mortgages, cutting rates and offering free valuations in some cases.
The buy-to-let mortgage provider, which was a peer-to-peer lender until it exited the retail investment market last December, launched a new range of 70 per cent loan-to-value (LTV) products at the same rates as its 60 per cent LTV range.
Landbay introduced a free valuation on its most popular five-year fixed rate mortgage, available up to 75 per cent LTV for properties up to £70,000, and cut the rate down from 3.69 per cent to 3.65 per cent. This also comes with free title indemnity insurance.
The lender cut rates across its other five-year fixes, meaning they now start at 3.49 per cent, down from 3.54 per cent, and its standard two-year fixes now start at 3.19 per cent, reduced from 3.39 per cent.
In addition, Landbay has also cut rates on houses in multiple occupation and multi-unit freehold block products.
The lender added that most of its offers are being issued within 72 hours.
Over the past month we’ve seen unprecedented demand from brokers and their clients, said Paul Brett, managing director of intermediaries at Landbay. We are always listening to what the market is telling us and as a result we have relaunched our whole product range with lower rates.
He said, these enhancements, together with free title indemnity insurance and free valuations across qualifying cases means that more cases will complete, more quickly, with a significant cost reduction to the borrower.
We know this refresh will be greatly welcomed and we anticipate it will continue to grow the exceptional levels of activity that we’ve seen, Brett said.
Despite the high demand, we’re committed to providing excellent customer service that our intermediary partners deserve. Our application process is completely paperless and online, therefore we don’t have any delays in the reviewing of post, because we don’t have any, he said.
Landbay’s latest product changes follow the lender offering free title indemnity insurance on remortgages last week.
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