"This new range provides more choice for landlords and is ideal if they are not sure whether to opt for a shorter-term or a longer-term fixed rate"
The new five-year Special Edition range comes with a 75% LTV and a variable interest rate and fee structure:
· Interest rate 4.99% - Fee 5%
· Interest rate 5.19% - Fee 4%
· Interest rate 5.39% - Fee 3%
· Interest rate 5.59% - Fee 2%
· Interest rate 5.59% - Fee £1,999
According to the lender, it is also beneficial for stress testing purposes as the interest cover ratio on five-year fixes is calculated at payrate.
Rob Stanton, business development director at Landbay, (pictured) said:
“This new range provides more choice for landlords and is ideal if they are not sure whether to opt for a shorter-term or a longer-term fixed rate, together with the beneficial ICR calculation for five-year loans.
“There are differing opinions as to what will happen with interest rates in the near to medium term. Offering five-year fixed rate loans, with three-year early repayment charges, to our landlord borrowers provides additional flexibility and reassurance in an uncertain market.
