Landbay has made over 80 modifications to its product range. The key takeaway? Their rates now commence from as low as 4.09%. Here’s a deeper look into the changes:

• Rate Reductions: Across various products, Landbay has reduced rates by up to 0.20 percentage points. This covers their two-year fixed rate for standard properties and extends to two and five-year fixed rates for small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
• Like for Like Remortgage Products: For landlords who aren’t changing their borrowing requirements, Landbay offers a generous reduction of up to 0.20 percentage points.
• Affordability Metrics: Landbay’s ICR (Interest Cover Ratio) stress test now stands at pay rate plus 1%, a noticeable change from the former pay rate plus 2%.
• Trading Company Rates: Landbay hasn’t left out their Trading Company product range, offering the same 0.20 percentage point rate deduction.

A Glimpse at the New Rates

Landbay’s revised rates have been segmented by product type and loan-to-value (LTV). Here’s a short breakdown:

Standard Fixed Rates:

• Two-year fixed 55% LTV from 4.09%
• Two-year fixed 75% LTV from 4.89%

For Small HMOs/MUFBs:

• Two-year fixed 65% LTV starting from 4.64%
• Two-year fixed 75% LTV commencing at 4.94%
• Five-year fixed 55% LTV from 5.99%
• Five-year fixed 75% LTV beginning at 5.89%

Like for Like Remortgage Rates:

• Standard two-year fixed at 65% LTV from 4.64%
• At 70% LTV, it’s 4.34%

Why the Change? Insights from Landbay

Rob Stanton, the Business Development Director at Landbay, shed light on these changes. He remarked, “As swap rates continue to fall, we’ve been agile, seizing the opportunity to reduce rates across our product portfolio.” Recognising the fierce competition in the property market, Landbay aims to deliver appealing options not only for standard properties but for HMOs, MUFBs, and trading companies too.