9:48 AM, 28th March 2024, About 8 months ago
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Landbay has introduced new five-year fixed-rate offerings at an 80% loan-to-value (LTV) ratio, catering to both standard properties and small houses in multiple occupation (HMOs) and is the latest among several BTL lenders announcing product changes.
In addition, the lender has implemented numerous rate reductions.
Its new 80% LTV five-year offering for standard properties is priced at 6.39% and doesn’t include product fees. The HMO variant is priced at 6.59%, also with no product fees.
Landbay has also reduced rates on several of its two-year and five-year fixed-rate product ranges.
Two-year fixed-rate offerings for small HMOs and multi-unit freehold blocks (MUFBs) have seen a reduction of 0.10%.
The standard two-year tracker range has also been reduced by 0.10%, with rates now starting at 0.24% plus the bank base rate (BBR).
The standard five-year fixed range has also seen a 0.05% reduction across both 65% and 70% LTVs.
Landbay’s product range is available for intermediaries to view and compare using the lender’s buy-to-let affordability calculator.
The lender’s sales and distribution director, Rob Stanton, said: “Less than two weeks on from our previous round of rate reductions, we are pleased to be able to make further cuts across our product range.
“We are also delighted to be in a position to bring a new product to market that is not only at an attractive and accessible LTV for many landlords but boasts no product fees too.”
He added: “We’re fully committed to making improvements at the earliest opportunity to best support our broker partners and their clients.
“Positive news late last week on inflation and further stability on the base rate certainly gave us the scope to reprice.
“As many landlords weigh up their options in the current market, I’m sure news of a reduction in tracker rates will catch their attention.”
Meanwhile, YBS Commercial Mortgages has made more changes to its specialist buy to let range, for the second time this month.
The changes represent a discount of 0.15% on the commercial lender’s Holiday Lets and Housing of Multiple Occupation (HMO) products.
Landlord clients looking to purchase a property as a holiday let can now benefit from a very competitive five-year fixed rate of 5.75% (was 5.90%) on loans of up to £1.5 million per unit, up to 75% LTV, which comes with a 2% fee.
For landlords looking for a product to fund an HMO purchase, now available is a five-year fix, competitively priced at 5.80% (was 5.95%) on loans over £500,000, up to 75% LTV, which also comes with a 2% fee.
There are no changes to the lender’s commercial investment products, which start from 6.99% on loans on retail, office, industrial, warehousing, quality leisure facilities and other kinds of commercial property, or to any other products in the lender’s range.
Tom Simpson, managing director at YBS Commercial Mortgages, said: “We’re pleased to be able to reduce rates on our specialist buy-to-let range. This is especially pertinent given that in the current climate, rate rises have become the norm.”
The buy to let brand of Foundation Home Loans, ‘Buy to Let by Foundation’, has unveiled a new, limited edition five-year fixed-rate, BTL product.
The five-year fix is available within its F1 product tier – for landlord clients with an almost clean credit history – and is available for portfolio and non-portfolio landlord borrowers at 5.74% up to 75% LTV with a 1% fee, and comes with a free valuation.
The new five-year fix follows the launch last week of a two-year fixed-rate option, which comes with a headline rate of 5.79% up to 75% LTV and a 1% fee.
Foundation says its current service levels continue to average turnaround times of one day for DIP referral, application and underwriter review for all cases.
Foundation’s director of product and marketing, Tom Jacob, said: “Last week we launched a two-year Limited Edition product for F1 borrowers, and this week we have been able to add a five-year option for those landlords looking for a longer mortgage horizon but still wanting to secure a highly competitive product.
“We remain focused on ensuring advisers and their landlord clients have as wide a range of mortgage options available to them as possible, and there are specific mortgages for their individual needs, taking into account both their individual needs and circumstances, the types of properties they are seeking to finance and the rental sectors they are active in.”
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