These five, limited edition products have been launched during November, as it is traditionally a busy month for remortgaging.
The limited edition range has lower rates than the lender’s core products, of between 15 and 25 bps. It sits alongside the core suite, which is for loans from £30,000 up to £1.5m.
LTVs are either 65% or 75% and there is a free valuation option on the standard remortgage products. The new range also caters for HMOs and MUFBs, up to 6 bedrooms or units.
Rates start at 2.95% on standard five-year fixed rates at up to 65% LTV, and 3.09% up to 75% LTV. For small HMO and MUFB products, the rate is 3.34% up to 75% LTV.
Paul Brett, managing director of intermediaries at Landbay, commented: “We are targeting the mid-range of loans between £250,000 and £500,000 as there will be a large amount of remortgaging over the next few months in this price bracket. In particular, we expect to see an increase in demand for remortgaging of HMOs and MUFBs for loans of this size.
“Five-year fixed rates are very popular with BTL borrowers, especially portfolio landlords, as the affordability stress test that is applied is the pay rate. This starts at 2.95% in our new remortgage range – instead of having to apply a stress test of 5.5% for two or three-year fixed rate mortgages, as prescribed by the Prudential Regulatory Authority.”
Original article featured here…
Landbay recently added two new mortgage products to its green product range, and made a series of rate reductions. These new products are both five-year fixes, at 70% LTV with a 2.89% rate for properties with an EPC rating of A or B, and a 2.94% rate for those with a C rating.