Landbay, a key player in the buy-to-let mortgage sector, has announced significant rate cuts across a range of its products, specifically targeting those interested in houses with multiple occupations (HMOs) and multi-unit freehold blocks (MUFBs).
For small HMOs and MUFBs—properties with up to six bedrooms or units—Landbay has trimmed interest rates by up to 0.25%. The new rates begin at an enticing 4.89%. This reduction extends across their standard five-year fixed-rate offerings and includes additional support for trading companies and novices in the landlord game. With fees ranging between 3-6%, this adjustment helps towards making property investment a more feasible option for a wider audience.
A Closer Look at the Benefits
Rob Stanton, Landbay’s Sales and Distribution Director, highlighted the lender’s commitment to enhancing product accessibility for both brokers and their landlord clients. He emphasised the importance of the HMO/MUFB market segment, “Our enhanced HMO/MUFB range supports landlords in an important and ever-growing part of the market, especially with a rising student population and the clear challenges facing residential buyers. With support for those operating in trading companies or for first-time landlords looking to purchase an HMO or MUFB, we are really pleased to be able to cover all bases with our reduced rates.”
The recent rate cuts are part of Landbay’s broader strategy to support landlords across the spectrum, including those making their first foray into property investment and those operating within trading companies. Stanton assures that Landbay is poised to maintain the competitiveness of its product range, thereby offering valuable opportunities for brokers and landlords nationwide.
Recent Additions and Highlights
Landbay hasn’t stopped at rate reductions. They’ve also introduced new five-year fixed-rate products that come with the added bonus of no product fees. Among these is a standard five-year fixed-rate mortgage at 5.69%, available for loans up to £1.5 million at 75% loan-to-value (LTV). Additionally, a new product joins Landbay’s Automated Valuation Model (AVM) range, also priced at 5.69% but with a 70% LTV and a maximum property value cap of £750,000.
Noteworthy changes in the product lineup include:
- A five-year fixed rate for small HMO/MUFB at 4.89%, up to 65% LTV, now carrying a 6% fee (previously 5.14%).
- Another option is available at 4.99% for up to 75% LTV, with the same 6% fee, adjusted from 5.24%.
- For those looking at a lower fee option, there’s a 5.79% rate (down from 6.04%) for up to 75% LTV, with fees at 3%.
- First-time landlords are not left out, with a special rate of 5.39% (previously 5.64%) for up to 75% LTV, accompanied by a 5% fee.
- Similarly, trading companies can avail of a 5.39% rate for up to 75% LTV, with a 5% fee, adjusted from 5.64%.