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| Landbay Reduces Rates on Standard 5-Year Fixed Products, Enhances Buy-to-Let Offerings |
Landbay, the specialist buy-to-let lender, has implemented a significant reduction in rates across its standard five-year fixed rate product range, benefiting landlords and brokers alike. This rate reduction of 0.10% encompasses the entire product range, providing greater affordability for potential borrowers.
The standard five-year fixed range now commences at an attractive 4.85%. All products within this range are assessed at the payrate and are accessible through Landbay's pioneering variable fee structure. This offers brokers and landlords a versatile solution catering to a diverse spectrum of requirements, with loan sizes ranging from £30,000 to a substantial £1.5 million.
In addition to these rate reductions, Landbay has introduced a new 55% Loan-to-Value (LTV) range, where rates initiate at 4.85%. For the convenience of intermediaries, a comprehensive view and comparison of all available products are now possible using Landbay's upgraded buy-to-let affordability calculator.
Noteworthy highlights of the product range include:
- Standard Property 5-Year Fixed Rate – Up to 55% LTV at an attractive 4.85% with a 7% fee.
- Standard Property 5-Year Fixed Rate – Up to 65% LTV at 4.95% with a 7% fee (available for loans from £1 million to £1.5 million).
- Standard Property 5-Year Fixed Rate – Up to 70% LTV at 4.95% with a 7% fee.
- Standard Property 5-Year Fixed Rate – Up to 75% LTV at 5.15% with a 6% fee.
Rob Stanton, the Business Development Director at Landbay, emphasized the lender's commitment to responding swiftly to market changes. He underlined the importance of supporting brokers through a comprehensive and competitive range of products. Landbay's ability to adapt quickly to market dynamics is a vital component of this commitment.
Stanton further elaborated on the value proposition of Landbay's variable fee structure, particularly in the context of affordability challenges faced by brokers and borrowers. While it may not be suitable for all circumstances, the variable fee structure is a valuable tool for brokers looking to maximize their clients' borrowing potential in a challenging economic climate. When combined with the stress test at payrate, the array of available LTV options, and acceptable loan sizes, this range is poised to help brokers better serve their clients.
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