These rate reductions also incorporate more specialist lending such as small portfolio landlords and trading limited companies
Landbay has started off the new year with a complete product refresh to simplify its buy-to-let (BTL) mortgage range and has added new build homes into its Green criteria.
The specialist lender has made significant rate reductions from 0.14% to 0.29% with the lowest rate now set at 2.65% for a two-year fix at 65% loan-to-value (LTV), down from 2.85%.
Highlights of the product refresh include the standard five-year fixed rate at 75% LTV reduced to 3.04%, with free valuation options, down from 3.24%.
These rate reductions also incorporate more specialist lending such as small portfolio landlords and trading limited companies.
Less than six months after launching its Green range for existing properties, Landbay has now extended this to new builds, which can benefit from a rate reduction for properties with EPC ratings from A-C.
The lender has also simplified its Green range to include A, B or C rated properties under one product. Previously there were different rates for EPC A/B ratings and those with a C rating.
In addition, the entire green range has been enhanced with a further rate reduction of 10 basis points. For example, a five-year fix at 75% LTV for a property rated EPC A, B or C is now 2.94%, reduced from 3.14% for an A/B rated property and 3.19% for a C rating.
Also benefiting from lower rates are small HMO/MUFB products, including new build properties, where the 75% LTV products have fallen to 3.34% from 3.59%.
Paul Brett, managing director, intermediaries at Landbay, comments: Despite the Bank of England raising the base rate by 0.15% in December, we are in a position where we are able to lower rates. We have access to strong funding lines and our funding partners are keen to support our competitive product position, which we intend to maintain.
Last year we expanded our product range even further by making significant inroads into helping small portfolio landlords, HMO landlords and those aiming to be environmentally friendly, he said.
He concludes: We have been blown away by the interest and take-up of our Green range as more property investors are realising the importance of making their property energy efficient. Around one in 10 of our loans are for new build property so it makes perfect sense to extend our Green mortgage to this cohort of landlords.
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