Buy-to-let marketplace lenderhas announced a rate cut on its most popular product, with its Standard 5 Year Fix now starting at 3.35%. Rental income can be stressed at this rate.
The decrease is part of a planned adjustment to 16 products, nine of which see a reduction in rates, refreshing the range for professional landlords. These will be available to buy-to-let landlords via intermediaries using either, Landbay’s Packager partners or their extensive panel of Networks or Mortgage Clubs, recent additions include The Mortgage Compliance & Insurance Club and The Right Mortgage & Protection Network.
The adjustments come at a time of growth and expansion for Landbay following its £1 billion funding agreement with a leading financial institution to finance mortgages on its platform. This financing was designed to support Landbay’s plans to significantly grow its buy-to-let lending over the next two years and ultimately grow market share in the UK’s buy-to-let sector. Other recent product enhancements include maximum loan sizes being increased to £2m and an extension of the maximum loan term from 25 to 30 years, as well as a range of reductions in rates and fees.
Paul Brett, pictured, Managing Director of Intermediaries, Landbay said:
“It’s crucial to keep our finger on the pulse of the buy-to-let marketplace and today’s suite of product changes will keep our offering as competitive as possible.
“As part of our refresh, we’re delighted to cut the rate of our most popular product with the aim of helping our broker partners support even more landlords.”