Good news for landlords! Landbay, known for its expertise in the buy-to-let (BTL) sector, has just announced a significant reduction in its five-year fixed mortgage rates. This change means more savings and better deals for those looking to invest in rental properties.

The Details

Landbay’s latest move sees a drop of up to six basis points (0.06%) in the rates for its standard five-year fixed product range. This reduction is a big win for landlords, making these mortgages more budget-friendly.

Key Changes:

• The new starting rate is now 4.65%, a noticeable decrease that makes these mortgages more accessible.
• The fee structure for these products is variable, offering more flexibility to landlords.

Additionally, Landbay has adjusted the minimum loan size for some of its products, tailoring their offerings to better fit landlords’ diverse needs.

Rob Stanton, the sales and distribution director at Landbay, sheds light on the importance of this move. He mentions that a recent survey among landlords showed a growing preference for five-year fixed rates – with 51% opting for this type of mortgage for their next remortgage. This rate reduction is Landbay’s response to this trend, demonstrating their commitment to meeting landlords’ evolving preferences.

Stanton also highlights that Landbay isn’t afraid to re-price its products when opportunities arise, signaling their proactive approach in the competitive mortgage market.

Upgraded Affordability Calculator

Landbay has also upgraded its buy to let affordability calculator. This tool is an excellent resource for intermediaries, allowing them to view and compare the various five-year fixed products easily.

Highlighted Products: What’s on Offer?

Landbay’s adjusted rate products include:

• Standard 5 Year Fixed 75% LTV: Now at 4.89% with a 6% fee, down from 4.95%.
• Standard 5 Year Fixed 70% LTV: Now at 4.69% with a 7% fee, down from 4.75%.
• Standard 5 Year Fixed 55% LTV: Now at 4.65% with a 7% fee, down from 4.69%.