Two top specialist lenders, Together and Landbay, have slashed their mortgage rates, making it cheaper for landlords to buy or renovate properties.

Together has lowered rates on its unregulated bridging loans. These loans are perfect if you need to buy or renovate a property quickly. The new rates apply to loans over £100,000.

Here’s the breakdown:

• First charge loans: These have been reduced from 0.95% to 0.93% for loans up to 65% of the property’s value (LTV).
• Second charge loans: Rates have dropped from 1.05% to 1.03% for loans up to 65% LTV.

Tanya Elmaz, Together’s director of intermediaries, said: “These changes will help landlords and investors benefit from lower rates, which will help with affordability.”

Landbay: A Whole Range of Rate Cuts

Landbay has also slashed rates across its buy-to-let mortgage range, with 51 products seeing lower costs.

Here’s what’s changed:

• Five-year fixed rates: Landbay has reduced its five-year fixed rates by up to 0.15%. These rates are available up to 75% LTV and now start at 4.39%.
• Small HMO/MUFB: The two-year options for these types of properties, available up to 75% LTV, now start at a competitive 3.89%.

Rob Stanton, Landbay’s sales and distribution director, said: “These rate reductions show how committed we are to making our products as competitive as possible.”

So, what does this mean for you?

Landlords and investors can now potentially get cheaper mortgages, which could mean more money in your pocket.

This is great news for those looking to expand their property portfolio or for anyone who wants to refinance their existing mortgages.