Landbay, a big name in buy-to-let mortgages, has just slashed interest rates on a bunch of their products. This could mean big savings for you.

How much have rates fallen?

The biggest cuts are on their 5-year fixed mortgages and their 2-year fixed mortgages. You could see a drop of up to 0.25% on these. That might not sound like much, but it can add up to a decent amount of money saved over the life of your mortgage.

What about the other products?

Their 2-year small HMO (House in Multiple Occupation) and MUFB (Multi Unit Freehold Block) products have also been reduced, but by a smaller amount – 0.10%.

How low are the rates now?

The best rates you can get on their 2-year fixed deals start at 4.04%, and for their 5-year fixed deals, it’s 4.69%. These deals are available if you have a loan-to-value (LTV) of up to 75% – this means you need to have at least 25% of the property value as a deposit.

Why are they cutting rates?

Landbay says they’re able to be flexible and adjust their rates quickly because they’re a tech-focused lender. They’re also keen to help out their broker clients and make sure they’ve got a good range of products to choose from.

What does this mean for you?

If you’re looking to get a new buy-to-let mortgage or remortgage your existing property, now might be a good time to speak to your broker. These rate cuts could mean you can lock in a lower interest rate and save some money on your monthly payments.

What about remortgaging?

Landbay is also making it easier for landlords to remortgage their properties without having to jump through hoops. They’ve got special ‘like-for-like’ remortgage deals that are perfect for landlords who just want to switch their mortgage to a better rate without changing anything about their borrowing. The good news is that these deals have lower stress requirements, which could make it easier for you to qualify.