"Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate"
According to the specialist buy-to-let lender, the new products are suitable for landlords remortgaging with no change to their borrowing requirements and will be stress tested at a lower Interest Cover Ratio (ICR) of pay rate plus 1%.
In addition to the launch, the lender has also reduced rates on its existing standard, small HMO, and small MUFB two-year trackers by up to 0.18%.
The new like-for-like remortgage products include a standard two-year tracker (No ERC) 75% LTV 1.01% + BBR 2% Fee, standard two-year tracker (No ERC) 75% LTV 0.51% + BBR 3% Fee, and standard two-year tracker (No ERC) 75% LTV 0.01% + BBR 4% Fee.
The rate reductions on existing two-year tracker products include a standard two-year tracker (No ERC) 75% LTV 1.01% + BBR 2% Fee (-0.08%), standard two-year tracker (No ERC) 75% LTV 0.01% + BBR 4% Fee (-0.08%), small HMO/MUFB two-year tracker (No ERC) 75% LTV 1.21% + BBR 2% Fee (-0.18%), and a small HMO/MUFB two-year tracker (No ERC) 75% LTV 0.21% + BBR 4% Fee (-0.18%)
Landbay has also launched new loyalty remortgage two-year tracker products including a standard two-year tracker (No ERC) 75% LTV 0.41% + BBR 3% Fee, small HMO/MUFB two-year tracker (No ERC) 75% LTV 0.61% + BBR 3% Fee, and a small HMO/MUFB two-year tracker (No ERC) 75% LTV 0.11% + BBR 4% Fee
Rob Stanton, business development director at Landbay said: “With as much as £66 billion in buy-to-let mortgages still set to mature by the end of the year, expanding our remortgage offering with new two-year trackers gives intermediaries a wider portfolio to secure this business. Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate.
“News of a softer stress test on like-for-like remortgage products and rate reductions will be welcome too, helping brokers increase the borrowing potential of their clients. Utilising our own system and technology enables us to constantly innovate and respond quickly to both market changes and client demand.”
