Buy-to-Let lender Landbay has announced a rate cut on its most popular product, with its standard five-year fixed offer now starting at 3.35%.
The rate cut is part of a planned adjustment to 16 of the lender’s products, nine of which see a reduction in rates, refreshing the range for professional landlords.
The products will be available to Buy-to-Let landlords via intermediaries using either Landbay’s packager partners or their panel of networks or mortgage clubs.
The adjustments come at a time of growth and expansion for Landbay following its £1bn funding agreement with an unnamed financial institution to finance mortgages on its platform. This financing was designed to support Landbay’s plans to significantly grow its Buy-to-Let lending over the next two years and ultimately grow market share in the UK’s Buy-to-Let sector.
Other recent product enhancements include maximum loan sizes being increased to £2m and an extension of the maximum loan term from 25 to 30 years, as well as a range of reductions in rates and fees.
Commenting, Landbay managing director of intermediaries Paul Brett said: “It’s crucial to keep our finger on the pulse of the buy-to-let marketplace and today’s suite of product changes will keep our offering as competitive as possible.
“As part of our refresh, we’re delighted to cut the rate of our most popular product with the aim of helping our broker partners support even more landlords.”
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