Landbay makes rate cut to 5-year fix
Landbay has cut the rate on its standard 5-year fix which will now start at 3.35%
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.
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.”
The adjustments come at a time of growth and expansion for Landbay following its £1bn funding agreement with a leading financial institution to finance mortgages on its platform.
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.