Landbay has lowered rates across its product range by as much as 0.30%.
The largest reductions have been made on the lender’s small houses of multiple occupation (HMO) and multi unit freehold building (MUFB) range, which will be cut by 0.30%.
Rates will start at 5.04% for a small HMO/MUFB five-year fixed rate product, available up to 75% loan-to-value (LTV).
Rates on the lender’s limited edition range have also been reduced by 0.20%, with standard five-year fixed rate products, available at up to 75% LTV now starting at 4.69%.
In addition, products aimed at trading companies have been lowered by 0.20%.
Some examples of the new rates include:
• Limited edition standard five-year fixed 75% LTV at 5.29% with 2% fee, reduced from 5.49%
• Small HMO/MUFB five-year fixed 75% LTV at 5.04% with 6% fee, down from 5.19%
• Trading company five-year fixed 75% LTV at 5.79% with 3% fee, lowered from 5.94%
The cuts follow the Bank of England’s announcement last week that the interest rate would be lowered by 0.25% to 4.5%.
Landbay sales and distribution director Rob Stanton says: “With the great news of a cut to interest rates, we’re pleased to follow suit by announcing further rate reductions across our range including our most popular products.”
“With landlords still active in the market and exploring investment opportunities, we want to be supporting our broker partners to help make those purchases happen and ensure they are well positioned to answer any and every demand.”
