The reductions amount to between 0.14 per cent and 0.29 per cent, depending on the product chosen
Property lender Landbay has lowered its rates for the second time in four months as it simplifies its buy-to-let (BTL) mortgage range.
The reductions amount to between 0.14 per cent and 0.29 per cent, depending on the product chosen. The lowest BTL rate is now set at 2.65 per cent for a two-year fix at 65 per cent loan to value (LTV), down from 2.85 per cent previously.
The platform’s standard five-year fixed rate at 75 per cent LTV has been reduced to 3.04 per cent, with free valuation options, down from 3.24 per cent.
Despite the Bank of England raising the base rate by 0.15 per cent in December, we are in a position where we are able to lower rates, said Paul Brett, managing director, intermediaries at Landbay.
We have access to strong funding lines and our funding partners are keen to support our competitive product position, which we intend to maintain, he said.
As part of a new year refresh of its product range, Landbay has also announced that it has added new build homes into its green product range.
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, said Brett.
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, he said.
Landbay has also simplified its green range to include properties with an energy performance certificate (EPC) of A, B or C under one product. Previously there were different rates for EPC A/B ratings and those with a C rating.