Earlier this year, the lender reduced its two-year fixed rate range by up to 0.30% for standard, small HMOs and MUFBs plus trading companies.
Example of two-year fixed rate products at 75% LTV with 3% product fee:
· Standard mortgage - 5.09% (reduced by 0.20%)
· Small HMO/MUFB - 5.29% (reduced by 0.10%)
· Trading company standard product - 5.39% (reduced by 0.30%)
In addition, Landbay is bringing its ICR requirements in line with the wider market for basic rate taxpayers to 125% from 140%. This applies to standard properties as well as HMOs and MUFBs.
Paul Brett, managing director, intermediaries at Landbay, commented: “Less than two weeks into the new year and we are pleased to announce our second rate reduction for 2023, which is great news for brokers and their landlord clients.
“We have also dropped the ICR calculation for basic rate taxpayers, bringing it in line with the wider market. This will help smaller landlords to borrow more than they previously could.”
