Specialist buy-to-let lender, Landbay, has announced that it has reduced the rates on its Special Edition two-year fixes for both 60% and 70% loan to value (LTV).
The firm revealed that it has also expanded its product offering with a new 70% LTV standard five-year fixed rate and reduced the rate for its 75% LTV standard five-year fixed rate. All the rates are available for loan sizes up to £1.5m. These rates apply to standard properties.
According to the lender, the Special Edition 60% LTV, standard 2-year fixed-rate, is now down from 3.09% to 2.95%. The Special Edition 70% LTV, standard 2-year fixed-rate, has been reduced from 3.19% to 3.09% and a 75% LTV, 5-year fixed-rate, is down from 3.74% to 3.69%. There is also a new 70% LTV, 5-year fixed-rate at 3.59%.
Paul Brett, managing director of intermediaries at Landbay said, “Demand for buy-to-let is booming at the moment as investors take advantage of the stamp duty holiday. These new lower rates reflect the robust buy-to-let market and help to make it more affordable for investors including those wishing to incorporate their properties into a limited company structure.
“These new rates and additional product will offer more options to intermediaries and their clients who are looking to capitalise on the stamp duty holiday and the high demand for private rental properties.”