The two-year fixed rate at 65% LTV has been cut to 2.65%, and the five-year fixed rate at 75% LTV, with free valuation options, has been reduced to 3.04%.
The lender is now including new builds in its green range, previously exclusively for existing properties. This range offers a rate reduction for properties that have an EPC rating of C or above. The range has been simplified, so all properties rated C and above now fall under one product. For this product, the rate has been reduced with the five-year fix at 70% LTV now at 2.94%.
Rates have also been reduced for the small HMO and MUFB range, which includes new build properties. The 75% LTV products are now available from 3.34%.
Paul Brett, managing director of intermediaries at Landbay, commented: “Despite the Bank of England raising the base rate by 0.15% in December, we are in a position where we are able to lower rates.
“We have access to strong funding lines and our funding partners are keen to support our competitive product position, which we intend to maintain.
“Last year we expanded our product range even further by making significant inroads into helping small portfolio landlords, HMO landlords and those aiming to be environmentally friendly.
“We have been blown away by the interest and take-up of our green range as more property investors are realising the importance of making their property energy efficient. Around one in 10 of our loans are for new build property so it makes perfect sense to extend our green mortgage to this cohort of landlords.”
Original article featured here…
In December, Paul Brett reflected on the UK BTL property market in 2021 and how demand has outstripped supply.